Filed under Other · 2021
Element AI
2016 - 2021, 4 years old
A Montreal-based enterprise AI services company building custom machine learning solutions for large companies.
Element AI raised over a quarter billion dollars at a $600M valuation pitching itself as a top applied AI lab, but the consulting-heavy business model never produced repeatable enterprise software revenue. By late 2020 the company was running short on cash and sold to ServiceNow for roughly $230M, a price at which most founders and early employees saw their equity wiped out. ServiceNow kept the research talent and patents and wound down most of the existing customer business.
- Founded
- 2016-10
- Shut down
- 2021-01-08
- Funding raised
- $257M
- Years alive
- 4
- Founders
- Jean-Francois Gagne, Nicolas Chapados, Yoshua Bengio, Philippe Beaudoin