Tech giant Microsoft, chip-maker NVIDIA and American Multinational Corporation and technology company Intel have recently made the investment for a Canadian artificial intelligence (AI) start-up "Element AI", the media reported.
As per a report in Investopedia issued recently, the tech giant prepared the investment through its venture capital division Microsoft Ventures, while Intel did it through Intel Capital.
Came on the prospect eight months ago, Element A is a platform that can help companies of all sizes to build AI into their businesses and it has raised $102 million.
The best possible way AI can use the funding to take on more employees, to endow in large AI projects and to obtain start-ups in the space.
"Artificial Intelligence is a 'must have' capability for global companies," Jean-François Gagné, CEO Element AI, was quoted as saying.
"Without it, they are competitively impaired if not at grave risk of being obsoleted in place," he added.
Earlier also the giant Microsoft backed a company that focused on AI. In May, it co-led a $7.6 million venture capital round of funding for Bonsai, the Berkeley, California-based AI start-up, and invested in Agolo, a New York City-based AI start-up.
As of now NVIDIA is in the early stages of transitioning from a creator of PC graphics chips to a leader in AI, which could coerce prospect development, said Citi analyst, Atif Malik.
"Element AI will benefit by continuing to leverage NVIDIA's high-performance GPUs and software at large scale to solve some of the world's most challenging issues," Jeff Herbst, Vice President Business Development at NVIDIA, said.
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