Element AI raises $151 million to bring AI to more enterprises

Venture Beat | Sep 13, 2019 at 11:01 AM
  • Element AI, a company that builds artificial intelligence (AI) tools for enterprises, has raised CAD $200 million (USD $151 million) in a series B round of funding from a host of existing and new investors, including Gouvernement du Québec, Data Collective (DCVC), Hanwha Asset Management, BDC, Real Ventures, Caisse de dépôt et placement du Québec (CDPQ), and McKinsey & Company.
  • A number of companies are working to bring AI and automation to the enterprise, one of which is heavily-funded UiPath which creates robotic process automation (RPA) tools to automate laborious and repetitive tasks in the workplace.
  • In reality, AI is still in its relative infancy, despite any cool and clever applications that emerge in the consumer realm — and that is why investors are backing companies such as Element AI, as they look to solve real problems in industry.