Element AI was founded in 2016 by a group that includes Yoshua Bengio, a professor at the University of Montreal and a winner of the A.M. Turing Award, the so-called “Nobel Prize of computing.”
The company’s financial backers include the Quebec government and the Caisse de dépôt et placement du Québec pension fund, among others. Following another financing round in Sept. 2019, Element AI said it had raised approximately $340 million from investors.Article content continued Furthermore, the Canadian government announced in Dec. 2018 that it was giving a $5-million “repayable contribution” to Element AI to help it build its global operations, take part in trade shows, buy computer equipment and hire artificial-intelligence specialists.
“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. “ServiceNow is the clear partner for us to apply our talent and technology to the most significant challenges facing the enterprise today.”
ServiceNow said it expects its acquisition of Element AI to be completed in early 2021. The company also said that, with its acquisition of Element AI, it will create an “AI Innovation Hub” in Canada.
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