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, while Fidelity Investments Canada, Intel Capital, Microsoft Ventures, Nvidia and Real Ventures, also joined the fundraising round, according to a statement released on Tuesday.
Tencent's decision to invest is the latest move...