Hanwha, Nvidia, Tencent, Intel, Microsoft and McKinsey & Company are all set to exit the artificial intelligence software developer at a slight dip from its last valuation.
Enterprise software producer ServiceNow agreed yesterday to acquire Element AI, a Canada-based artificial intelligence technology provider backed by corporates Tencent, Intel, Microsoft, McKinsey & Company, Hanwha and Nvidia.
The companies did not disclose the size of the deal but multiple sources told TechCrunch that ServiceNow is paying about $500m, a slight reduction on the $600m to $700m valuation at which Element reportedly last raised money.
Founded in 2016, Element has developed AI software products that make in-depth research and text…
