Canadian Artificial Intelligence (AI) start-up Element AI has said that it wants to work with more South Korean firms to help them adopt its cutting-edge technology.
Element AI provides software solutions integrated with AI. It was co-founded in 2016 by AI Authority and Professor Yoshua Bengio. Element AI seeks to merge theory and practice by bringing together academic knowledge of AI and private sector industries working with AI.
Nicolas Chapados, the co-founder of Element AI, says, “Element AI was founded on the belief that AI should help people and machines work smarter, together.” Element AI seeks to be a bridge connecting the practical and theoretical worlds of AI. One in which academicians are exposed to real-world challenges and get to create real-world solutions, thus, contributing to greater penetration of AI in various industries.
In 2017, mobile telecom service provider SK Telecom Co., Hyundai Motor Co., and Hanwha Asset Management to create a joint fund worth $45M.
In 2018, Element AI opened an office in Seoul. It has raised $253M in two rounds of funding globally.
Explaining the company’s commitment to the South Korean market, Senior VP Philippe Beaudoin said,
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.
This year, Element AI has signed MOU with Shinhan Financial Group to create an AI-based software solution for the firm.