Series B for AI
McKinsey invests in Element AI to help clients unlock the potential of AI and Machine Learning to improve business performance.
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As part of the Firm’s shift from advisor to impact partner, McKinsey is increasingly empowering clients by developing AI solutions – creating long-term, valuable tech assets and capabilities that will stay behind long after consulting teams have gone.
The Firm’s recent investment in Element AI , a global developer of artificial intelligence-powered software solutions, gives our ability to deliver this impact a big boost.
A well-funded Canadian start-up even before McKinsey invested in its latest round, Element AI focuses on helping companies that are not technology businesses by nature develop and implement AI solutions.
With that mission, Element AI is a perfect fit for McKinsey, as Senior Partner Patrick Lahaie , Managing Partner of the Montreal Office, explains.
“For McKinsey, this investment is all about helping our clients to further unlock the potential of AI and Machine Learning to improve business performance,” he says. “We look forward to collaborating closely with the talented team at Element AI in Canada and globally in our shared objective to turn cutting-edge thinking and technology into AI assets which will transform a wide range of industries and sectors.”
The news follows the Firm’s recent ranking in the top “Leaders” category of Forrester’s Artificial Intelligence Wave report, receiving the highest possible score in several categories, including AI solutions, Innovation, Data Science & Analytics, and Culture & Change Management.
The report concluded, “McKinsey’s management consulting expertise shines through its AI practice. Whether firms are looking to dabble in AI or tackle complex issues, McKinsey & Company emphasizes how AI is different from traditional technology and can help firms transition to a new way of doing business.”
QuantumBlack , the advanced analytics firm that McKinsey acquired in 2015, will spearhead Element AI’s collaboration with the Firm.