Element AI has established a joint $45 million fund with Korean conglomerates SK Telecom, Hyundai, and Hanwha. The new fund targets commercial AI applications and infrastructure, specifically emerging AI-based technologies including autonomous vehicles, household robots, manufacturing, drones, and hardware, according to a statement by Element AI.
The fund will be managed by the three Korean companies, with investment advisory by Element AI. Capital is expected to be deployed to over the next 36 months.
Element AI is headquartered in Montreal, Quebec and is funded by BDC Capital, Data Collective, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank, NVIDIA GPU Ventures, Real Ventures, and Tencent.
Hanwha Asset Management currently manages $82 billion in assets.
[Image courtesy: Element AI]