Element AI partners with GIC, SGInnovate, and SMU to expand Asian footprint

Canadian AI firm Element AI has announced new partnerships with GIC (formerly known as the Government of Singapore Investment Corporation), SGInnovate, and Singapore Management University (SMU) as part of its global expansion strategy

Element AI was founded in 2016, and raised US$102mn in its Series A funding round in 2017.

In its statement, the company said its focus on fostering Singaporean partnerships comes as part of a strategic alignment with the benefits of developing AI in Singapore, stating that Singapore is uniquely positioned to blend government, academic institutions, and private enterprises to advance AI development and adoption.

“The Singapore industrial ecosystem consists of renowned institutions with deep expertise in building global enterprises, incubators with a proven history of launching world-changing companies, and prestigious academic institutions conducting the research critical to understanding the world around and lighting the path forward,” said Jean-Francois Gagne, Element AI’s CEO.

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“Through collaborative research drawing on the best and brightest expertise from Singapore and Canada, we're very excited about what is possible as we focus on augmenting collective intelligence and transforming industry as we know it with the help of role-centric AI products."

Element AI plans to make use of Singapore’s resources to develop academic breakthroughs in AI into fully-integrable, customisable, and scalable products, and outlined specifics of each partnership in its statement.

GIC will collaborate with Element AI for research and development of advanced machine learning with regards to problem-solving in asset management, while with SGInnovate the firm will work to support AI startups and expand the tech talent pool in Singapore.

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