The Caisse de dépôt et placement du Québec is one of several investors participating in Element AI’s $200-million Series B funding round,.

The Montreal-based company, founded by Jean-François Gagné and artificial intelligence pioneer Yoshua Bengio, develops AI-powered software solutions. To date, the company has raised $340 million.

The Caisse’s contribution to the round is part of its newly created $250-million fund dedicated to AI and Quebec businesses with a proven track record in AI, according to a press release, which noted the goal of the fund is to commercialize AI solutions more quickly.

Read: Caisse invests in Quebec venture capital tech firm

“With this transaction, we are investing capital and expertise alongside partners who are ideally suited to transform Element AI into a company with a commercial focus that anticipates and creates AI products to address clients’ needs,” said Charles Émond, the Caisse’s executive vice-president and head of Quebec investments and global strategic planning. “Through this fund, la Caisse wants to actively contribute to build and strengthen Quebec’s global presence in artificial intelligence.”

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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