ServiceNow paid US $230M for CDPQ and DCVC backed Element AI

ServiceNow (NYSE: NOW) has completed it previously announced acquisition of Element AI. The transaction closed on January 8th and ServiceNow officially disclosed that it paid approximately US $230 million, subject to customary purchase price adjustments.

Founded by Jean-Francois Gagné, Anne Martel, Nicolas Chapados, Jean-Sebastien Cournoyer, Yoshua Bengio, and Philippe Beaudoin in 2016, Element AI is a leading artificial intelligence (AI) company with deep AI capabilities and some of the world’s brightest AI minds.

Element AI had previously raised over US $257 million from investors including Caisse de dépôt et placement du Québec (CDPQ), Data Collective (DCVC), Real Ventures, Tencent, Daniel Gauthier, GIC, BDC Capital, Investissement Québec (IQ), Microsoft and others.

In September 2019, CDPQ led a CDN $200 million Series B round of financing and was joined by DCVC, Hanwha Asset Management, BDC Capital, Real Ventures, Daniel Gauthier, and others.

photo credit: Element AI