Element AI CEO expected to leave as company closes in on US$100 million in new funding: Sources

Element AI is close to securing a US$100-million investment that would see co-founder and CEO Jean-François Gagné leave the firm, The Logic has learned.

The round is expected to close in the next few weeks. It is being led by the Caisse de dépôt et placement du Québec, with participation from global consulting giant McKinsey & Company, the Business Development Bank of Canada (BDC) and the Quebec government, according to multiple sources with knowledge of the deal. The investors are putting money in at about the same valuation that the Montreal-based artificial intelligence (AI) company raised US$102 million at over two years ago.

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