“We want to lead the way toward Artificial General Intelligence.”
This is one of the most common proclamations you will hear across the Artificial Intelligence. Element AI is one of those companies and yet, it seems to have something going for it that could help it to stand out from the pack.
To kick things off, it’s important to start with the company’s mission and following that, how close the company is to achieving it. In order to achieve an adequate understanding of a firm’s execution in this respect, their existing product line can be a good place to start.
What is most important to remember with regards to Element AI’s product line is that they want to add to, not take away from, the existing capabilities of businesses. For the most part, their products are also only focused on seven specific industries: transportation and logistics, cyber security, retail, manufacturing, insurance, capital markets, and banking & wealth management. With this in mind, the logical next question to ask is: what is their actual product and how can it help all of these industries at once?
Back in 2017, TechCrunch published an article on Element AI’s initial fundraising rounds that actually sheds some light on this. Reportedly, their main product is actually a platform and not really a suite of products. In other words, when they say that their products appeal to seven main industries, they mean that their platform will appeal to seven main industries.
What the Element AI platform is at its’ core is an incubator for any and all AI projects. Any business of any size can reportedly partner with Element AI to use their resources to create anything related to AI or Machine Learning.
With this in mind, as Element AI has just recently gone global over the past year, while also clarifying its’ long-term vision for its’ products last November, one particular key performance indicator comes to light moving forward.
First, Element’s CEO Jean-Francois Gagné made it clear back in November that their differentiator will be their growing status as the effective one stop shop for AI infrastructure. In their particular case, this reportedly means that they will use technical frameworks inherent in Natural Language Processing and Computer Vision algorithms as the backbones for any company to create an AI or ML project. Given this, the continued development of their platform will be expensive to say the least. Therefore, going forward, their recent $5 million loan from the Canadian government as well as the hope for more similar support will be crucial to their future success.
Resources:
https://www.elementai.com/what-we-do
https://betakit.com/element-ai-lays-out-its-product-roadmap-at-web-summit/
https://betakit.com/element-ai-receives-5-million-loan-from-canadian-government/
