Element AI, a developer of AI-powered solutions for financial services and cybersecurity, has bagged CAD $200m ($150m) in its Series B.
The capital injection was supported by new investors Caisse de dépôt et placement du Québec (CDPQ), an institutional investor, McKinsey & Company, a global management consulting firm, and Gouvernement du Québec. Previous backers of Element AI, including DCVC, Hanwha Asset Management, BDC Capital, Real Ventures, and others, also contributed to the round.
Following the close of the round, the FinTech will look to accelerate the deployment and commercialization of solutions which meet customer needs through AI.
Element AI can be used for cybersecurity solutions by ensuring the right access to documents and information is given to those when it is needed.
Its technology can automate entitlements based on roles, tailor interfaces to a user’s processes and workflows, and provide business stakeholders with a real-time view on different access provisions and how they impact the organization. This helps save time and costs, as well as improve security and compliance by allowing teams to focus attention on riskier cases.
Insurance companies can leverage Element to streamline workflows in the underwriting process. Its services help with submissions, risk appetite, assignment, risk assessment, coverage recommendations, and message and authority.
Element AI CEO Jean-François Gagné said, “Operationalizing AI is currently the industry’s toughest challenge, and few companies have been successful at taking proofs-of-concepts out of the lab, imbedding them strategically in their operations, and delivering actual business impact. We are proud to be working with our new partners, who understand this challenge well, and to leverage each other’s expertise in taking AI solutions to market.”
Having closed this round, the company has raised a total of CAD $340m ($257m) in equity.
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