(QUEBEC)

A pioneering startup offering artificial intelligence (AI) solutions to a range of sectors has attracted record investment.

The $102 million Element AI has received in series A funding – the highest ever for an AI company – will allow the Montreal startup to expand its operations. It will use the money to reach an international audience of customers working in areas, including fintech, logistics, cybersecurity, robotics, manufacturing and transportation.

Element AI CEO, Jean-François Gagné said: “Artificial Intelligence is a ‘must have’ capability for global companies. Without it, they are competitively impaired if not at grave risk of being obsoleted in place.”

The record funding was led by Data Collective (DCVC) and other major names, including NVIDIA, Microsoft Ventures, National Bank of Canada, and Intel Capital.

Jean-François hailed “Intel, Microsoft, and NVIDIA, as pioneers and champions of AI hardware and software,” and their “understand that their businesses flourish as every company is empowered with world-class AI.”

He added: This is why these leaders have backed us with the world’s largest Series A round ever for an artificial intelligence company. This historic round will help Element AI deliver profoundly powerful AI platforms for all, not just the few.”