Element AI receives $5 million loan from Canadian government

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The Canadian government is providing funding to six Montreal AI companies, including $5 million in a repayable contribution to Element AI.

At Element AI’s Montreal office this morning, Innovation, Science and Economic Development Minister Navdeep Bains announced nearly $6.3 million to support the businesses, which are being administered through The Quebec Economic Development Program.

Element AI will use its portion of the funding to expand globally, increase its participation in trade shows, hire AI specialists, and purchase computer equipment. The company has made several moves to expand its global footprint; it recently announced partnerships with several Singapore companies, and it already has an office in London dedicated to ethical AI.

The goal of the investment in Element AI is to create 900 new jobs.

“This investment from the Quebec Economic Development Program demonstrates yet again Canada’s commendable leadership in AI, which has permitted Canadian companies like Element AI to shine,” said Anne Martel, senior vice president of operations and co-founder, Element AI. “This investment will help accelerate the company’s global expansion, create jobs, and expand our innovation infrastructure.”

The rest of the $1.3 million will go towards AI companies Imagia; Keatext; ARA Robotic; C2RO Cloud Robotics; and Roof Ai. Combined, these investments are expected to create 77 jobs.

“Artificial intelligence is transforming all industries and sectors, opening up more opportunities for Canadians,” said Bains. “It’s exciting to see the vitality and creativity of these six Greater Montréal companies that, each in its own way, are helping to strengthen Canada’s role as a global leader in innovation and creating highly specialized jobs that play an essential role in the growth of Canada’s digital economy.”

Photo via Twitter.

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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