A new $45 million investment fund targeting global startups advancing artificial intelligence (AI) technologies has been launched.
Montréal’s Element AI has set up the fund in partnership with some of South Korea’s largest corporations: Hyundai Motor Company, SK Telecom, and Hanwha.
The Canadian AI solutions company says it will use its knowledge of the industry to identify and invest in suitable startups, as it bids to deliver on what CEO, Jean-François Gagné, said is its mission to “deliver profoundly powerful AI platforms for all, not just the few”.
“Infusing large companies with artificial intelligence capabilities is the future of global industrialization,” said Jean-François. “Our position in the marketplace gives us extraordinary access to the most cutting-edge technologies being developed today — all we need are partners and capital commitment to seed the future and that’s what we’re achieving with this announcement. SK Telecom, Hyundai, and Hanwha share our passion for investment and building the future; I’m excited we can now work together to create a new global, industrial reality that will serve our local communities well.”
The investment will be made over the next three years.