Canadian artificial intelligence startup Element AI has raised CAD 200 million (USD 151.4 million) in its Series B round led by Caisse de Depot et Placement du Quebec (CDPQ), a long-term institutional investor, the company announced Monday.
The long list of investors includes management consulting firm McKinsey & Company, the Quebec government, as well returning Series A backers such as CVC (Data Collective), Hanwha Asset Management, Business Development Bank of Canada, and other investors such as Microsoft, Nvidia, and Intel.
Founded in 2016 by six serial entrepreneurs, Element AI is a global developer of artificial intelligence software. It also offers advisory services and helps connect businesses with machine learning experts.
The company expanded to Singapore to tap into the Southeast Asia market in late 2017, after it raised USD 102 million in its Series A round that year. In 2018, the company partnered up with AI Singapore to support local industries to adopt artificial intelligence and accelerate product implementation in the supply chain and finance industries. The same year, Element AI also signed another strategic partnership with SG Innovate, Singapore reserve management entity GIC, and Singapore Management University to promote the development of Singapore’s artificial intelligence sector.
Element AI will be using the fresh fund to accelerate the deployment and commercialization of its artificial intelligence technology.
The new round of financing brings the company’s total funding to CAD 340 million (USD 257 million). The company current valuation is estimated at between USD 600 million and USD 700 million, according to news portal TechCrunch.