According to BNN Bloomberg, citing four sources, Montreal-based technology startup Element AI is looking to raise $250mn in venture capital (VC) funding.
Element AI provides businesses with no or little technology experience and no how with easy to use AI software, allowing companies from all backgrounds to pursue transformational roadmaps surrounding artificial intelligence.
Reportedly, if successful, the funding round would value the startup at more than $1bn, giving the company unicorn status for the first time, coming just two years after the business was founded in 2016.
According to BNN Bloomberg, there is no guarantee that the funding will occur, with Element AI only in early talks with a number of investors.
These conversations may include the firm’s existing shareholders such as Microsoft, Intel and the National Bank of Canada who all took part in Element AI’s $135mn Series A funding round a year ago, considered to be the biggest such round for a Canadian startup at the time.