Artificial intelligence company Element AI announced it has raised $102 million in Series A financing from a large group of top venture capital firms, world leading companies and banks. Data Collective, BDC Venture Capital, Fidelity Management & Research Company, Intel Capital, Microsoft Ventures, NVIDIA, Tencent Holdings and National Bank of Canada participated in the offering.
Element AI’s goal is to deliver groundbreaking artificial intelligence solutions to enterprise companies, bringing together the best AI experts and top entrepreneurs to produce next-generation AI capabilities. The company builds customized applications that are easy to integrate into existing processes with its AI-as-a-Service offering, allowing enterprises quickly to deploy AI capabilities without the need to build an internal AI team. Element AI also offers educational workshops for the C-suite to provide answers to what AI means for their respective industries.
In its announcement, the company said the new funding will be used to hire hundreds of top researchers and aggressively expand on a global scale, focusing on AI-powered solutions for customers in cybersecurity, fintech, manufacturing, logistics, and transportation and robotics.