{"id":5063,"date":"2017-06-14T10:14:09","date_gmt":"2017-06-14T14:14:09","guid":{"rendered":"http:\/\/www.monsffa.ca\/?p=5063"},"modified":"2017-06-14T10:14:09","modified_gmt":"2017-06-14T14:14:09","slug":"montreals-element-ai-to-boost-projects-with-102m-financing-deal","status":"publish","type":"post","link":"https:\/\/www.monsffa.ca\/?p=5063","title":{"rendered":"Montreal\u2019s Element AI to boost projects with $102M financing deal"},"content":{"rendered":"
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Montreal Gazette\u00a0

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Element CEO Jean-Fran\u00e7ois Gagn\u00e9, centre, speaks with staff in Montreal. His firm said new funding will allow it to hire hundreds of top researchers and expand worldwide with AI-based solutions. JOHN MAHONEY<\/figcaption><\/figure><\/figure>\n
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Montreal-based Element AI, a key player in the city\u2019s burgeoning artificial-intelligence sector, has clinched a major financing deal to fund future growth and job creation.<\/p>\n

Element is set to announce on Wednesday that it has raised US$102-million from a group of investors led by San Francisco venture capital fund Data Collective (DCVC).<\/p>\n

The deal is the largest Series A funding round for an AI company in history, according to Element.<\/p>\n

The investment will allow Element to \u201caccelerate 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 Canadian high-tech sector by January 2018,\u201d it said in a news release.<\/p>\n

Element was founded last year by tech entrepreneurs Jean-Fran\u00e7ois Gagn\u00e9 and Nicolas Chapados, Montreal venture capital fund Real Ventures, and Universit\u00e9 de Montr\u00e9al AI scientist Yoshua Bengio.<\/p>\n

The company aims to make cutting-edge AI research and innovation available to other companies seeking to tap into AI and also help develop new firms in the rapidly growing field.<\/p>\n

\u201cArtificial intelligence is a \u2018must have\u2019 capability for global companies,\u201d Element chief executive Gagn\u00e9 said. \u201cWithout it, they are competitively impaired if not at grave risk of being obseleted in place.<\/p>\n

\u201cSeasoned AI investors at DCVC understood this, and supported us to democratize the AI firepower reserved today for only the largest of tech corporations.\u201d<\/p>\n

The new funding will allow Element to hire hundreds of top researchers as well as expand internationally with AI-based solutions<\/p>\n

for customers in such areas as cybersecurity, fintech, manufacturing, logistics, transportation and robotics, the company said.<\/p>\n

Element boasts that it has \u201cpioneered a unique, non-exploitative model of academic co-operation\u201d whose talent and advanced research \u201cmatches or exceeds even the largest tech corporations\u2019 reach and budgets.\u201d<\/p>\n

\u201cThe most serious problems facing global industry and government today involve too much complex and rapidly changing data for the cognitive capacity of even large numbers of human experts working together,\u201d said DCVC managing partner Matt Ocko.<\/p>\n

A central aspect of AI is machine learning, which involves the creation of computer neural networks that mimic human brain activity and can program themselves to solve complex problems rather than having to be programmed.<\/p>\n<\/div>\n

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