The rise of AI is one of the most exciting technological trends on the horizon, and many tech companies are investing heavily in research and development related to the field. However, one particular start-up wants to make that cutting-edge technology available to a wider range of businesses that do not have the money to set up their own AI programs.
Based in Montreal, Element AI is an incubator seeking partners, new or established, small businesses and large corporations, who need help launching their own AI programs or solutions. Element AI has received $102 million in Series A financing and intends to use the money to boost its roster of experts and also make some investments in corporate AI programs.
According to Element AI’s CEO, Jean-François Gagné, the company’s goal is to make it easier for businesses to get involved in AI. He points out that although most firms want to have the benefits that come with AI technology, few companies have the in-house know-how or necessary technology. Element AI’s Series A follows a seed investment on the part of Microsoft for an unspecified amount, which came just months following the company’s launch. They already has several clients signed on and a waiting list of hundreds of companies interested in working with them.
Data Collective’s Matt Ocko pointed out that there is not a lot of middle ground when it comes to AI capabilities. Ocko argued that firms and governments that do not have access to the technology would be long-term losers in the global marketplace. Element AI’s business model will combine outsourcing and the incubator concept to help jump start a host of solutions, such as model forecasting, voice recognition, and customer engagement optimization. Despite having been founded just one year ago, Element AI is one of the most promising tech start-ups out there.