The Montreal-based startup has laid off 15 per cent of its staff and appointed two revenue-focused executives as part of a shakeup at the four-year-old company. (The Globe and Mail)
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The Montreal-based startup has laid off 15 per cent of its staff and appointed two revenue-focused executives as part of a shakeup at the four-year-old company. (The Globe and Mail)
Talking point: Long the darling of Montreal’s AI sector, Element AI has snapped up federal government contracts and millions in funding, including $200 million in Series B cash from the likes of the Caisse de dépôt et placement du Québec, among others, in September 2019. Yet the company has continually struggled to monetize its hype, while the leadership of CEO Jean-François Gagné has been fraught. In October, the company dropped out of the NSERC Canadian Robotics Network in part to focus “on delivering revenue-generating software products to market,” Element senior vice-president Philippe Beaudoin told The Logic in February. The executive appointments give the company its first ever chief financial and chief revenue officers.
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