Element AI accesses Korea for $45m fund

Nov 17, 2017 • Robert Lavine

The artificial intelligence startup has combined with Korea-based corporates SK Telecom, Hyundai Motor and Hanwha for the strategic fund.

Canada-based artificial intelligence developer Element AI formed a $45m investment fund on Wednesday with South Korea-based telecommunications firm SK Telecom, automotive manufacturer Hyundai Motor Company and diversified conglomerate Hanwha.

The as-yet unnamed fund will target companies developing AI technology for commercial applications and infrastructure, in areas such as hardware, autonomous vehicles, domestic robotics, manufacturing and unmanned aerial vehicles.

The $45m is set to be deployed in the next three years. The Korean corporates will manage the fund while Element AI,…

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