Element AI
{{Short description|Canadian software company}}{{Infobox company
| name = Element AI
| logo = Element AI logo.png
| type = Private
| industry = Artificial intelligence
| founded = {{Start date and age|2016|10}}
| hq_location_city = Montreal
| hq_location_country = Canada
| parent = ServiceNow
| homepage = {{URL|https://www.elementai.com/}}
}}
Element AI was an artificial intelligence company headquartered in Montreal, Quebec.{{Cite news|url=http://fortune.com/longform/element-ai-startup-tech/|title=Can This Startup Break Big Tech's Hold on A.I.?|work=Fortune|access-date=January 27, 2019}}{{Cite magazine|url=https://www.wired.com/2016/10/ai-pioneer-yoshua-bengio-launching-element-ai-deep-learning-incubator/|title=AI Pioneer Yoshua Bengio Is Launching Element.AI, a Deep-Learning Incubator|last=Metz|first=Cade|date=October 26, 2016|magazine=Wired|access-date=February 1, 2019}} It was funded by the Government of Canada for CAD$5 million, and raised US$102 million independently, before being acquired by ServiceNow. Prior to its acquisition, it had collaborated with Amnesty International, Twitter, Singapore Management University, the Port of Montreal, LG Electronics, Agile Data Solutions and others to release several studies.
History
{{Update|date=March 2023}}
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.{{Cite news|url=https://montrealgazette.com/business/montreals-element-ai-gets-record-102-million-boost-from-u-s-investors|title=Montreal's Element AI gets record $102 million boost from U.S. investors|last=Marotte|first=Bertrand|date=June 14, 2017|work=Montreal Gazette|access-date=February 1, 2019}}{{Cite web|url=https://www.elementai.com/|title=Global AI Software Provider - Element AI|website=Element AI|access-date=January 27, 2019}} In early 2017, the company acquired the entire team of{{Cite web|date=2017-02-17|title=Element AI acquires MLDB.ai open source machine learning database {{!}} BetaKit|url=https://betakit.com/element-ai-acquires-mldb-ai-open-source-machine-learning-database/|access-date=2020-12-23|language=en-CA}} 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.{{Cite news|url=https://blogs.wsj.com/cio/2017/06/14/element-ai-raises-102-million-as-new-learning-model-sparks-interest/|title=Element AI Raises $102 Million as New Learning Model Sparks Interest|work=The Wall Street Journal|access-date=January 27, 2019}}{{Cite news|url=https://techcrunch.com/2017/06/14/element-ai-a-platform-for-companies-to-build-ai-solutions-raises-102m/|title=Element AI, a platform for companies to build AI solutions, raises $102M|work=TechCrunch|access-date=January 27, 2019}}{{Cite news|url=https://business.financialpost.com/entrepreneur/revolution-ai-everyone-wants-in-to-montreals-deep-learning-hub|title=Revolution AI: Why everyone wants in to Montreal's deep-learning hub|work=Financial Post|access-date=January 27, 2019}}
In December 2018, the Government of Canada gave a loan of up to CAD$5 million to Element AI with the goal of creating 900 new jobs.{{Cite news|url=https://betakit.com/element-ai-receives-5-million-loan-from-canadian-government/|title=Element AI receives $5 million loan from the Canadian government|work=BetaKit|access-date=January 27, 2019}} 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.{{Cite magazine|url=https://www.wired.com/story/canada-france-plan-global-panel-study-ai/|title=Canada, France Plan Global Panel to Study the Effects of AI|magazine=Wired|access-date=January 27, 2019}} 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.{{Cite news|url=https://montrealgazette.com/business/local-business/element-ai-partners-with-amnesty-international-to-study-online-abuse|title=Element AI partners with Amnesty International to study online abuse|work=Montreal Gazette|access-date=January 27, 2019}}{{Cite magazine|url=https://www.wired.com/story/amnesty-report-twitter-abuse-women/|title=Twitter Is Indeed Toxic for Women, Amnesty Report Says|magazine=Wired|access-date=January 27, 2019}}
Element AI had partnerships with GIC, Singapore Management University, the Port of Montreal, LG Electronics, among others.{{Cite news|url=https://betakit.com/element-ai-partnering-with-singapore-companies-to-accelerate-product-development/|title=Element AI partnering with Singapore companies to accelerate product development|work=BetaKit|access-date=January 27, 2019}}{{Cite news|url=https://www.wsj.com/articles/lg-element-ai-plan-to-detail-ai-in-consumer-devices-11578357100|title=LG, Element AI Plan to Detail AI in Consumer Devices|work=Wall Street Journal|access-date=January 6, 2020}} At the Port of Montreal, Element AI was working to predict how long trucks will wait to drop off or pick up goods at the port.
The company's first standalone product Underwriting Partner, an AI-assisted insurance underwriting workflow software, was released in September 2019.{{Cite news|url=https://betakit.com/element-ai-announces-first-product-for-the-insurance-market/|title=Element AI announces first product for the insurance market|last=Hotchkiss|first=Caitlin|date=September 23, 2019|work=Betakit|access-date=December 6, 2019}}{{Cite web|url=https://www.elementai.com/industries/insurance|title=Element AI for Insurance|website=Element AI|url-status=live|archive-url=https://web.archive.org/web/20191206210233/https://www.elementai.com/industries/insurance|archive-date=December 6, 2019|access-date=December 6, 2019}} In December 2019, they released Knowledge Scout, a platform for data set management in manufacturing companies.{{Cite news|url=https://betakit.com/element-ai-launches-newest-standalone-product-turning-data-into-actionable-insights/|title=Element AI launches newest standalone product, turning data into actionable insights|last=Kirkwood|first=Isabelle|date=December 3, 2019|work=Betakit|access-date=December 6, 2019}}
On November 30, 2020, ServiceNow, a Californian cloud-based IT services company, announced it has signed an agreement to acquire Element AI.{{Cite news|url=https://techcrunch.com/2020/11/30/servicenow-is-acquiring-element-ai-the-canadian-startup-building-ai-services-for-enterprises/|title=ServiceNow is acquiring Element AI, the Canadian startup building AI services for enterprises|last=Silcoff|first=Sean|date=November 30, 2020|work=TechCrunch|access-date=November 30, 2020}}{{Cite news|url=https://www.theglobeandmail.com/business/article-once-touted-as-a-technology-world-beater-montreals-element-ai-sells/|title=Once touted as a technology world-beater, Montreal's Element AI sells out to Silicon Valley giant|last=Lunden|first=Ingrid|date=November 30, 2020|work=The Globe And Mail|access-date=November 30, 2020}} The company was running out of money and options and sold for US $230 million.{{Cite news|title=Element AI sold for $230-million as founders saw value mostly wiped out, document reveals|url=https://www.theglobeandmail.com/business/article-element-ai-sold-for-230-million-as-founders-saw-value-wiped-out/|work=The Globe and Mail|access-date=2020-12-19}}{{Cite news|title=Element AI hands out pink slips hours after announcement of sale to U.S.-based ServiceNow|url=https://www.theglobeandmail.com/business/article-once-touted-as-a-technology-world-beater-montreals-element-ai-sells/|work=The Globe and Mail|access-date=2020-12-19}}