# Element AI

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/element-ai

- Industry: Software
- Headquarters: Montreal, Canada
- Website: www.elementai.com
- Total disclosed funding: $253M
- Latest round: Series B (Sep 13, 2019)
- Investors on record: 15

## About

Element AI Inc. specializes in developing artificial intelligence solutions that empower businesses to enhance decision-making and streamline operations across various sectors.Element AI Inc., founded in 2016 in Montreal, Canada, focuses on providing AI-driven solutions. The company has undergone strategic shifts to better align with market demands. The co-founders include JS Cournoyer, Jean-François Gagné, and Nicolas Chapados, with Jean-François Gagné currently serving as CEO. Element AI has secured funding through 4 deals, with the most recent being a Series B round amounting to CAD 200.000 mn led by CDPQ on 30 November 2020, bringing the total amount raised to CAD 200.000 mn and valuing the company at CAD 600.000 mn.Element AI Inc. offers a suite of AI solutions designed to facilitate operational efficiencies and improve decision-making for its clients. Their products empower organizations to automate processes and enhance digital workflows, catering to various sectors including finance, healthcare, and technology. The company serves a diverse clientele comprising enterprises and government agencies, providing tools that aid in service delivery and operational management.Element AI generates its revenue primarily through subscription contracts for its AI solutions, allowing organizations to access advanced technology tailored to their specific needs. The subscription model enables clients to benefit from ongoing software updates and dedicated support services, focusing on enhancing operational workflows across different industries.Following its acquisition by ServiceNow in November 2020, Element AI aims to leverage new investment for expanding product offerings and entering new markets. The company is set to launch innovative AI solutions in the upcoming months, targeting sectors such as logistics and supply chain by the end of 2021. The recent funding will support these developments and facilitate Element AI's growth strategy as part of ServiceNow's broader market objectives.

## Funding rounds

- Series B, Sep 13, 2019, $151M — CDPQ, Real Ventures, Business Development Bank of Canada, DCVC, Government of Canada, McKinsey & Company, Hanwha Asset Management
- Series A, Jun 14, 2017, $102M — Intel Capital, BDC Capital, Hanwha Investment, Fidelity Investments, NVIDIA Corporation, Tencent Investment, Real Ventures, DCVC, National Bank of Canada, M12
- Seed, Dec 12, 2016 — M12

## Investors

- M12 (https://capitalatlas.ai/funds/m12) — Seed, Series A
- Intel Capital (https://capitalatlas.ai/funds/intel-capital) — Series A
- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Series A
- Hanwha Investment — Series A
- Fidelity Investments (https://capitalatlas.ai/funds/fidelity-investments) — Series A
- NVIDIA Corporation — Series A
- Tencent Investment — Series A
- Real Ventures — Series A, Series B
- DCVC (https://capitalatlas.ai/funds/dcvc) — Series A, Series B
- National Bank of Canada — Series A
- CDPQ — Series B
- Business Development Bank of Canada — Series B
- Government of Canada — Series B
- McKinsey & Company — Series B
- Hanwha Asset Management (https://capitalatlas.ai/funds/hanwha-asset-management) — Series B