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 Capital, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent and other investors.