4 Matching Annotations
  1. Dec 2020
    1. The Globe and Mail reports that Element AI sold for less than $500 million USD. This would place the purchase price well below the estimated valuation that the Montréal startup was said to have after its $200 million CAD Series B round in September 2019.

      This was a downround for them in a sense that eventhough they sold for USD$500M their post-money round in Sep 2019 was CAD$200M meaning that they did not improve on their valuation after one year. Why?

    2. Despite being seen as a leader and a rising star in the Canadian AI sector, Element AI faced difficulties getting products to market.

      They had faced productisastion problems, just like many other AI startups.It looks like they have GTM problems too,

    3. Element AI had more than 500 employees, including 100 PhDs.

      500 employees is indeed large. A 100-person team of PhDs is very large as well, They could probably tackle many difficult AI Problems!

    4. n 2017, the startup raised what was then a historic $137.5 million Series A funding round from a group of notable investors including Intel, Microsoft, National Bank of Canada, Development Bank of Canada (BDC), NVIDIA, and Real Ventures.

      This was indeed a historic amonunt raised! Probably because of Yoshua Bengio one of the god fathers of AI!