(NEW YORK)–Element AI, which is based in Montreal, announced it has raised $102 million in a series A round, which included investors such as Intel, Microsoft and Nvidia.
Element AI says it will use the new funding to invest in large-scale AI projects internationally, and plans to create 250 jobs in the Canadian high tech sector by January 2018. the Company plans to open offices in Japan, Korea and Singapore to expand in the Asian market.
The Company’s main goal is to make their algorithms so open that any company can use them through a unique plug-and-play method. The Company operates like a consulting firm, working on projects for major corporations that want to use AI techniques to help solve their problems, such as in the areas of financial and healthcare.
Tech companies have been growing interest on ways to utilize AI to automate complex, data intensive processes. Element AI wants to make sure this ability isn’t reserved just for the big guys with deep pockets, but is also available to any company in any industry with data in need of customized analytics.
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