The Montreal-based artificial intelligence company announced US$151 million in new funding, four days after The Logic reported those investors were finalizing the round. While the company did not disclose how much each investor contributed, sources told The Logic that McKinsey & Company put in US$15 million. The raise is one of the largest for an early-stage technology company in Canada. (The Logic)

Talking point: The Logic reported Monday that the closing of the latest funding round would also see the departures of co-founders Jean-François Gagné, the firm’s CEO, and Anne Martel, SVP of operations and Gagné’s spouse. Sources told The Logic that the deal was delayed because of complications around the negotiation of Gagné’s exit package, for which investors, including the Caisse, have been pushing. An internal message sent to staff after the story’s publication denied the two would depart the company, but did not address whether they would be leaving their current roles. Neither Gagné nor Martel nor Element AI responded to multiple requests for comment. For McKinsey, this investment provides access to Element’s top-tier artificial intelligence research talent. It also deepens the consulting firm’s focus on the industry in Canada, following the launch of the Montreal office of its AI arm, QuantumBlack. For Element, the funding provides much-needed runway after the company’s struggles with minimal revenue and a shrinking staff. At least four investors in its US$102-million round in June 2017 participated in this one: Real Ventures, Data Collective, Hanwha Asset Management and the Business Development Bank of Canada. Two U.S. tech giants that participated last time—Microsoft and Intel—were not announced as repeat investors, nor was the National Bank of Canada, which announced a cybersecurity partnership with Element AI in February.