Company:Element AI

From HandWiki
Short description: Canadian software company
Element AI
TypePrivate
IndustryArtificial intelligence
FoundedOctober 2016; 7 years ago (2016-10)
Headquarters
Montreal
,
Canada
ParentServiceNow
Websitewww.elementai.com

Element AI is an artificial intelligence company based in Montreal , Quebec.[1][2]

History

Element AI was founded in October 2016 by Jean-François Gagné and co-founders Yoshua Bengio, Anne Martel, Nicolas Chapados, and Philippe Beaudoin, along with Jean-Sébastien Cournoyer of Montreal venture capital fund Real Ventures.[1][3][4] In early 2017, the company acquired the entire team of MLDB.ai,[5] an open source machine learning database. It then raised US$102 million from US investors in a series A round led by the San Francisco venture fund Data Collective and Microsoft Ventures.[3][6][7][8]

In December 2018, the Government of Canada gave a loan of up to CAD$5 million to Element AI with the goal of creating new jobs.[9] They later hosted a conference on the effects of AI, with Justin Trudeau and Mounir Mahjoubi establishing a global panel to study the effects of AI.[10] In December 2018, Element AI also partnered with Amnesty International and released a study measuring online abuse against women in politics and journalism on Twitter.[11][12]

Element AI has partnerships with GIC, Singapore Management University, the Port of Montreal, LG Electronics, among others.[13][14] At the Port of Montreal, Element AI is working to predict how long trucks will wait to drop off or pick up goods at the port.[14]

The company's first standalone product Underwriting Partner, an AI-assisted insurance underwriting workflow software, was released in September 2019.[15][16] In December 2019, they released Knowledge Scout, a platform for data set management in manufacturing companies.[17]

On November 30, 2020, ServiceNow, a Californian cloud-based IT services company, announced it has signed an agreement to acquire Element AI.[18][19] The company was running out of money and options and sold for US $230 million, terminating the vast majority of employees whose stock options expired worthless.[20][21]

References

  1. ↑ 1.0 1.1 "Can This Startup Break Big Tech's Hold on A.I.?". Fortune. http://fortune.com/longform/element-ai-startup-tech/. 
  2. ↑ Metz, Cade (October 26, 2016). "AI Pioneer Yoshua Bengio Is Launching Element.AI, a Deep-Learning Incubator". Wired. https://www.wired.com/2016/10/ai-pioneer-yoshua-bengio-launching-element-ai-deep-learning-incubator/. Retrieved February 1, 2019. 
  3. ↑ 3.0 3.1 Marotte, Bertrand (June 14, 2017). "Montreal's Element AI gets record $102 million boost from U.S. investors". Montreal Gazette. https://montrealgazette.com/business/montreals-element-ai-gets-record-102-million-boost-from-u-s-investors. 
  4. ↑ "Global AI Software Provider - Element AI". https://www.elementai.com/. 
  5. ↑ "Element AI acquires MLDB.ai open source machine learning database | BetaKit" (in en-CA). 2017-02-17. https://betakit.com/element-ai-acquires-mldb-ai-open-source-machine-learning-database/. 
  6. ↑ "Element AI Raises $102 Million as New Learning Model Sparks Interest". The Wall Street Journal. https://blogs.wsj.com/cio/2017/06/14/element-ai-raises-102-million-as-new-learning-model-sparks-interest/. 
  7. ↑ "Element AI, a platform for companies to build AI solutions, raises $102M". TechCrunch. https://techcrunch.com/2017/06/14/element-ai-a-platform-for-companies-to-build-ai-solutions-raises-102m/. 
  8. ↑ "Revolution AI: Why everyone wants in to Montreal's deep-learning hub". Financial Post. https://business.financialpost.com/entrepreneur/revolution-ai-everyone-wants-in-to-montreals-deep-learning-hub. 
  9. ↑ "Element AI receives $5 million loan from the Canadian government". BetaKit. https://betakit.com/element-ai-receives-5-million-loan-from-canadian-government/. 
  10. ↑ "Canada, France Plan Global Panel to Study the Effects of AI". Wired. https://www.wired.com/story/canada-france-plan-global-panel-study-ai/. Retrieved January 27, 2019. 
  11. ↑ "Element AI partners with Amnesty International to study online abuse". Montreal Gazette. https://montrealgazette.com/business/local-business/element-ai-partners-with-amnesty-international-to-study-online-abuse. 
  12. ↑ "Twitter Is Indeed Toxic for Women, Amnesty Report Says". Wired. https://www.wired.com/story/amnesty-report-twitter-abuse-women/. Retrieved January 27, 2019. 
  13. ↑ "Element AI partnering with Singapore companies to accelerate product development". BetaKit. https://betakit.com/element-ai-partnering-with-singapore-companies-to-accelerate-product-development/. 
  14. ↑ 14.0 14.1 "LG, Element AI Plan to Detail AI in Consumer Devices". Wall Street Journal. https://www.wsj.com/articles/lg-element-ai-plan-to-detail-ai-in-consumer-devices-11578357100. 
  15. ↑ Hotchkiss, Caitlin (September 23, 2019). "Element AI announces first product for the insurance market". Betakit. https://betakit.com/element-ai-announces-first-product-for-the-insurance-market/. 
  16. ↑ "Element AI for Insurance". https://www.elementai.com/industries/insurance. 
  17. ↑ Kirkwood, Isabelle (December 3, 2019). "Element AI launches newest standalone product, turning data into actionable insights". Betakit. https://betakit.com/element-ai-launches-newest-standalone-product-turning-data-into-actionable-insights/. 
  18. ↑ Silcoff, Sean (November 30, 2020). "ServiceNow is acquiring Element AI, the Canadian startup building AI services for enterprises". TechCrunch. https://techcrunch.com/2020/11/30/servicenow-is-acquiring-element-ai-the-canadian-startup-building-ai-services-for-enterprises/. 
  19. ↑ Lunden, Ingrid (November 30, 2020). "Once touted as a technology world-beater, Montreal's Element AI sells out to Silicon Valley giant". The Globe And Mail. https://www.theglobeandmail.com/business/article-once-touted-as-a-technology-world-beater-montreals-element-ai-sells/. 
  20. ↑ "Element AI sold for $230-million as founders saw value mostly wiped out, document reveals". The Globe and Mail. https://www.theglobeandmail.com/business/article-element-ai-sold-for-230-million-as-founders-saw-value-wiped-out/. 
  21. ↑ "Element AI hands out pink slips hours after announcement of sale to U.S.-based ServiceNow". The Globe and Mail. https://www.theglobeandmail.com/business/article-once-touted-as-a-technology-world-beater-montreals-element-ai-sells/. 

External links




Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Element_AI&oldid=3475366"