Caisse invests in Element AI’s $200-million Series B round
The Caisse de dépôt et placement du Québec is one of several investors participating in Element AI’s $200-million Series B funding round,.
The Montreal-based company, founded by Jean-François Gagné and artificial intelligence pioneer Yoshua Bengio, develops AI-powered software solutions. To date, the company has raised $340 million.
The Caisse’s contribution to the round is part of its newly created $250-million fund dedicated to AI and Quebec businesses with a proven track record in AI, according to a press release, which noted the goal of the fund is to commercialize AI solutions more quickly.
“With this transaction, we are investing capital and expertise alongside partners who are ideally suited to transform Element AI into a company with a commercial focus that anticipates and creates AI products to address clients’ needs,” said Charles Émond, the Caisse’s executive vice-president and head of Quebec investments and global strategic planning. “Through this fund, la Caisse wants to actively contribute to build and strengthen Quebec’s global presence in artificial intelligence.”