Element AI Raises Historic US$102M Series A Funding Round
On June 14, 2017, Element AI, an artificial intelligence company that delivers groundbreaking AI solutions, announced that it has raised US$102 million, representing the largest Series A funding round for an artificial intelligence company in history. With this funding, Element AI will accelerate its capabilities and invest in large-scale AI projects internationally, solidifying its position as the largest global AI company in Canada and creating 250 jobs in the high tech sector by January 2018.
Data Collective (DCVC) led the funding round with participation from Real Ventures, Development Bank of Canada (BDC), Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent, and several of the world’s largest sovereign wealth funds. In addition to laying the groundwork to hire hundreds of top researchers, this new funding will enable Element AI to aggressively expand on a global scale focusing on AI-powered solutions for their customers in cybersecurity, fintech, manufacturing, logistics and transportation, and robotics.
McCarthy Tétrault LLP advised NVIDIA Corporation, one of the investors, with a team led by David Woollcombe that included Heidi Gordon.
