Microsoft Ventures launches new fund for AI startups and backs Element AI incubator

Microsoft Ventures today announced two steps that point to how the tech giant's VC arm wants to get involved in artificial intelligence in a big way. First, it's now going to pursue investments in AI startups through a special fund dedicated to AI startups that focus on "inclusive growth and positive impact on society." Second, it is the first announced backer for Element AI, a new incubator out of Montreal co-founded by "the godfather of machine learning" Yoshua Bengio, which is dedicated to the space. As with its news in May first announcing Microsoft Ventures and its initial focus on cloud-based startups, the VC firm is not specifying just how much money it intends to invest in artificial intelligence, or in Element AI specifically. Element AI is not the only AI investment that Microsoft Ventures is making public today: it's also part of a $15 million round for Tact, a CRM startup.