On September 13, 2019, Caisse de dépôt et placement du Québec (“CDPQ”) announced its investment in Element AI, a global developer of artificial intelligence-powered (“AI”) software solutions, in which it led a Series B round of financing in the amount of CAN$200 million together with other new and returning investors. This investment will allow Element AI to accelerate the deployment and commercialization of solutions that meet customer needs for the operationalization of AI, while continuing to develop AI products.
CDPQ is one of Canada’s largest long-term institutional investors that manages funds primarily for public and parapublic pension and insurance plans. As of June 30, 2019, it held CAD 326.7 billion in net assets.
Miller Thomson advised CDPQ with a team led by Philipp Park and Philippe St-Louis (Corporate/M&A), and comprised of Louis-Philippe Borduas, Francis Dumoulin, Grégory Morin-Maltais and Jamie Eichenbaum (Corporate/M&A), Daphnée Beauchamp (Labour & Employment), as well as Tai Nahm and Alexandre Ajami (Intellectual Property).