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Element AI

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Last Updated: 02 July 2021

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General | Latest Info

Element AI

TypePrivate
IndustryArtificial intelligence
FoundedOctober 2016 ; 4 years ago ( 2016-10 )
HeadquartersMontreal , Canada
Websitewww .elementai .com
Twitter@element_ai
Facebookelementai

Element AI, company that builds artificial intelligence tools for enterprises, has raised CAD $200 million in the Series B round of funding from a host of existing and new investors, including Gouvernement du Quebec, Data Collective, Hanwha Asset Management, BDC, Real Ventures, Caisse de depot et placement du Quebec, and McKinsey & Company. Found in 2016, Element AI develops AI software that helps people work smarter, according to its marketing blurb. So far, startup have focused on partnering with enterprises that want to use AI but lack the required expertise, connecting businesses with machine learning experts in - house and elsewhere to address specific problems. Earlier this year, Element AI officially launched its first products for enterprise customers in the form of decision - making automation tools. Using computer vision, optical character recognition, and other AI mechanisms, Element AI promises to enable machines to do things like read documents or answer workers ' questions about internal operations using natural language queries. The Montreal - base startup has now raised a total of CAD $340 million since its inception, including its large $102 million Series round in 2017. Microsoft's venture Capital arm also invested an undisclosed amount in Element AI back in 2016. Among Element AIs array of cofounders is CEO Jean - Francois Gagne and esteemed Canadian computer scientist Yoshua Bengio, who won the Turing Award last year for his work in deep learning.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

History

Element AI was found in October 2016 by Jean - Francois Gagne and Co - founders Yoshua Bengio, Anne Martel, Nicolas Chapados, and Philippe Beaudoin, along with Jean - Sebastien Cournoyer of MONTREAL venture Capital fund Real Ventures. In 2017, company raised US $102 million from US investors in a Series round led by San Francisco venture fund Data Collective and Microsoft Ventures. In December 2018, government of Canada gave a loan of up to CAD $5 million to Element AI with the goal of creating new jobs. They later hosted a conference on the effects of AI, with Justin Trudeau and Mounir Mahjoubi establishing a Global panel to study the effects of AI. In December 2018, Element AI also Partner with Amnesty International and released a study measuring online abuse against women in politics and journalism on Twitter. Element AI has partnerships with GIC, Singapore Management University, Port of MONTREAL, LG Electronics, among others. At the Port of MONTREAL, Element AI is working to predict how long trucks will wait to drop off or pick up goods at the port. The company's first standalone product, Underwriting Partner, AI - assist insurance Underwriting workflow software, was released in September 2019. In December 2019, they released Knowledge Scout, Platform for Data set Management in manufacturing companies.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

The business of AI

Nicolas Chapados holds an engineering degree from McGill University and ph. D in Computer Science From Universite de Montreal. While still writing his thesis and jointly with his thesis advisor, Prof. Yoshua Bengio, he co - founded ApSTAT Technologies in 2001. It was a Machine Learning technology transfer Firm, whose goal was to apply cutting - edge academic research ideas to areas such as insurance risk evaluation, supply chain Planning, Business forecasting, National defence, and hedge Fund Management. From working in this company, he spinned off two companies: Imagia, to detect and quantify cancer early with AI analysis of medical images, and Chapados Couture Capital, quantitative Asset manager. He also holds the Chartered Financial Analyst designation.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Sources

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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