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Element AI overview

Element AI is an artificial intelligence solutions provider. Its suite of AI products augments decision making for roles across every organisation. Its streamlined operations model allows them to turn academic research and deep industry expertise into products that help organisations better navigate complexity and make better informed decisions. The industries that they currently focus on are Banking & Wealth Management, Capital Markets, Insurance, Manufacturing, Retail, Cybersecurity and Transportation and Logistics.

Element AI also have other teams focussed on wider sectors of society: it has in-house team of human centred designers and UX specialists; a Government Relations team that advises governments and multilateral organisations on the policy implications of AI and big data to ensure a future where citizens trust that adequate legislation is in place to protect their rights when providing their data or interacting with AI; and it partners with academic institutions, think tanks, and not-for-profit organisations to conduct research and balance support for innovation with initiatives for protecting rights.

In 2017, just seven months after launching, Element AI raised a Series A round with over $100M of investment and has since created more than 450 jobs across five cities in North America, Europe, and Asia. That same year, the company acquired the machine learning solutions company MLDB.ai for an undisclosed amount.

In 2019, Canadian P&C insurer Gore Mutual announced it had adopted the Element AI Underwriting Partner software product into its practice to augment risk assessments and reduce data entry time for underwriters with the help of AI.

In September 2019, Element AI raised a CA$200m Series B, led by Caisse de Depot et Placement du Quebec. The money will be used to accelerate the deployment and commercialisation of solutions, and the continued development of the company's AI products.

Element AI began working with GroupAssure in February 2020, to help make its underwriting workflows more efficient.