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,...

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