Element AI has secured the largest funding round in history for an artificial intelligence company, with the Quebec-based start-up securing $102m in Series A funding.
Microsoft Ventures, NVIDIA, Intel Capital and Development Bank of Canada are just four firms that participated in the funding round, as well as "several of the world’s largest sovereign wealth funds."
The funding will be used to help propel Element globally, investing in three new offices in Asia whilst recruiting an extra 250 employees for their Canada hub. This will allow Element to fund "AI-powered solutions for their customers in cybersecurity, fintech, manufacturing, logistics and transportation, and robotics."
Element will also target large-scale AI investment opportunities with the funding and aim to retain its position of the largest global artificial intelligence company in Canada.
Co-founded in October 2016 by Jean-François Gagné and Nicolas Chapados, Element works to deliver AI solutions to companies almost as a consultancy, helping to build artificial intelligence capabilities to those who have limited experience or cannot afford to invest in their own AI systems.
“Artificial Intelligence is a 'must have' capability for global companies," said Mr Gagné. "This historic round of funding will help Element AI deliver profoundly powerful AI platforms for all, not just the few."
"Seasoned AI investors at Data Collective have understood and supported us to democratise the AI firepower reserved today for only the largest of tech corporations."
"Intel, Microsoft, and NVIDIA, as pioneers and champions of AI hardware and software, likewise understand that their businesses flourish when every company is empowered with world-class AI."