暗网吃瓜

Montreal-based , which develops artificial intelligence-powered software solutions, announced this morning it has raised US$151.4 million in .

Subscribe to the 暗网吃瓜 Daily

Founded in 2016 by a team of six partners including serial entrepreneurs and winner ,聽Element AI is described by lead investor as 鈥渁 company with a commercial focus that anticipates and creates AI products to address clients’ needs.鈥�

In its own words, Element AI 鈥渢urns research and industry expertise into software solutions that exponentially learn and improve鈥� and are adapted to specific industries with a primary focus on the financial services and supply chain sectors.聽Its offering, which includes advisory services, AI-enablement tools and products, aims to help large organizations 鈥渙perationalize AI and create real business impact.鈥� Customers include LG and National Bank, among others.

The round is notable for several reasons. For one, it marks the second mega venture financing raised by a Canadian startup this month. On Sept. 4, we reported on Canada-based legal tech startup raising a massive $250 million Series D round from and . It鈥檚 also a really large Series B, another example of how companies are raising more and more at the so-called 鈥渆arly-stage,鈥� a trend we鈥檝e been following.

Besides CDPQ, new investors in Element AI鈥檚 latest round include and . The round also included participation from returning Series A investors, including , , BDC Capital, and others. The new financing brings the company鈥檚 raised so far to roughly $258 million. DCVC led Element AI鈥檚 in June 2017.

In a, Element AI CEO Gagn茅 said his company has been able to 鈥渙perationalize鈥� AI.

鈥淔ew companies have been successful at taking proofs-of-concepts out of the lab, imbedding them strategically in their operations, and delivering actual business impact,” he said.

In its press release, Element AI said the company will use the new capital 鈥渢o fuel global product and services development鈥� while 鈥渁ccelerating the commercialization of AI.鈥� Element AI declined to provide any growth metrics when I asked, but told me that it currently has just under 500 employees across its Montreal headquarters and offices in聽Toronto; London, Seoul, South Korea, and Singapore.

In general, the AI scene in Canada seems to be heating up. CDPQ invested in the company as part of its recently-formed 鈥淐DPQ-AI Fund鈥� aimed at helping speed up the commercialization of AI solutions in Quebec.

The news also comes nine months after McKinsey’s advanced analytics and AI arm, , launched its first Canadian office in Montreal. The consulting firm acquired QuantumBlack in 2015 and said the company will 鈥渟pearhead the collaboration鈥� with Element AI on behalf of its firm.

Illustration: