Ottawa scraps funding of Canadian tech jewel Element AI after it's snapped up by Silicon Valley software company

However, none of that money had been paid to Element AI yet. And now, the government says, it never will.

The federal government has also been trying to prime the engine of Canadian innovation for some time now, such as with efforts like the Strategic Innovation Fund. “Element AI’s vision has always been to redefine how companies use AI to help people work smarter,” Element AI founder and chief executive Jean‑Francois Gagné said in a press release on Monday. “ServiceNow is the clear partner for us to apply our talent and technology to the most significant challenges facing the enterprise today.”Article content continued

The acquisition of Element AI is subject to court approval of a proposed plan of arrangement between Element AI and ServiceNow’s Canadian subsidiary, a spokesperson said. ServiceNow says its acquisition of Element AI will also come with the creation of an “ AI Innovation Hub” in Canada.

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