Tencent joins Canadian AI firm's $102m fundraising

The Chinese internet giant, struggling to catch the likes of Baidu in the race to harness artificial intelligence, seals deal with Element AI

Tencent joins Canadian AI firm's $102m fundraising

Pony Ma's Tencent has joined a group of venture capital firms to invest in a Canadian artificial intelligence lab, as the Chinese social media and technology giant takes on domestic rivals in AI development.

Montreal-based Element AI said it had raised $102 million in the series A funding round. Besides Tencent, investors include South Korea's Hanwha Investment, the venture capital arm of the Hanwha conglomerate.

Lead investor was Data Collective DCVC,...

To continue reading, please login or register for free

Click for more on: tmt | china | canada | ai | private equity | venture capital | tencent | pony ma | hanwha

Print Edition

FinanceAsia Print Edition