On June 14, 2017, Element AI announced the recently completed closing of its $137 million Series A financing round, representing the largest Series A financing round for an artificial intelligence company in history. With this funding, Element AI will accelerate its capabilities and invest in large-scale AI projects internationally, solidifying its position as the largest global AI company in Canada and creating 250 jobs in the Canadian high tech sector by January 2018.
San Francisco venture capital fund Data Collective (DCVC) led the funding round with participation from Real Ventures, Business Development Bank of Canada (BDC), Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent, and several of the world’s largest sovereign wealth funds. In addition to laying the groundwork to hire hundreds of top researchers, this new funding will enable Element AI to expand on a global scale focusing on AI-powered solutions for their customers in cybersecurity, fintech, manufacturing, logistics and transportation, and robotics.
Element AI, is an artificial intelligence start-up, headquartered in Montreal, Quebec.
Data Collective (DCVC) is a venture capital fund that backs entrepreneurs applying deep tech to transform industries. DCVC is headquartered in Palo Alto, California.
Osler, Hoskin & Harcourt LLP represented Element AI Inc. with a team led by Shahir Guindi which included Chima Ubani and Sophie Amyot (Corporate).