SEOUL, Nov. 19 (Korea Bizwire) — Element AI, a Canadian startup for artificial intelligence-powered software solutions, aims to join hands with more South Korean companies to help them adopt its cutting-edge technology, company executives said Tuesday.
Based in Montreal, Element AI is an AI solutions provider co-founded in 2016 by AI authority and professor Yoshua Bengio of Montreal University.
The startup aims to foster partnerships between the private sector and academia to help push the expansion of AI in all business areas.
“Element AI was founded on the belief that AI should help people and machines work smarter, together,” Co-founder Nicolas Chapados told reporters in Seoul, adding that it is Element AI’s goal to help companies tackle challenges of taking AI from the prototype phase to production.
Element AI, which opened a Seoul office in 2018, has so far raised US$253 million in two rounds of funding globally, the company said.
In 2017, Element AI established a $45 million joint fund with major conglomerates that includes top mobile carrier SK Telecom Co., the country’s No. 1 carmaker Hyundai Motor Co. and Hanwha Asset Management.
“South Korea is one of the most ambitious markets in adopting AI, and Hanwha Asset Management’s investment and our entry into Korea were an important milestone as we continue to expand our presence across the Asia Pacific region,” Senior Vice President Philippe Beaudoin said.
Since then, the company has worked closely with local companies to apply AI to various services and products.
In May 2019, Element AI also signed an MOU with Shinhan Financial Group to work together in accelerating Shinhan Financial Group’s AI transformation, officials said.