Montreal-based Element AI, an artificial intelligence-powered software solutions developer, secured C$200 million ($151.4 million) in its Series B investment round.
The startup received the latest funds from Caisse de dépôt et placement du Québec, McKinsey & Co., Gouvernement du Québec, returning backers Data Collective, Hanwha Asset Management, among others.
With the new capital raised, Element AI's total equity financing raised to date has now reached $257 million.
Element AI will leverage the Series B investment to accelerate the deployment and commercialization of its solutions while continuing to develop artificial intelligence products.