Element AI looks to raise $250 mln Series B: BNN Bloomberg


© Element AI 2018

Montréal-based artificial-intelligence solutions company Element AI is looking to raise $250 million in a Series B financing, according to a report by BNN Bloomberg.

Sources told BNN Bloomberg the round would value Element AI at $1 billion. A deal has not yet been finalized as the company is still talking with potential investors and others, the report said.

Founded in 2016 by Jean-François Gagné, Yoshua Bengio, Nicolas Chapados and Jean-Sébastien Cournoyer, Element AI is focused on turning AI research into business applications.

Last year, the company secured more than $137 million in a Series A led by DCVC and joined by Real Ventures, BDC CapitalFidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIATencent and other investors.

Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now!