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

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222