A startup that’s looking to bring cutting-edge artificial intelligence to less tech-savvy companies just raised more than $100 million.
Element AI, a Canada-based company that will go head-to-head with tech giants like Alphabet and Amazon, raised $102 million in new funding from a slew of investors including Intel, Microsoft, Nvidia and China-based Tencent.
The pitch from CEO Jean-François Gagné is that AI will be a necessity rather than a luxury in the coming years — no matter what line of business you’re in.
“Artificial Intelligence is a ‘must have’ capability for global companies,” according to Gagné. “Without it, they are competitively impaired if not at grave risk of being obsoleted in place.”
Services that Element AI will offer to corporate clients include predictive modeling, conversational AI, image and voice recognition, and “computational advertising,” according to a news release.
“The 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,” said Matt Ocko, managing partner at venture firm Data Collective, which participated in the funding round.
“These groups — and the customers and citizens they serve — need intelligent systems that can work in concert with them to field that scale and complexity.”
Montreal-based Element AI, which aims to use the money to invest in and partner with as many as 50 other AI-focused firms, didn’t comment on the value the company was given in the funding round.