According to Cointelegraph, David Ferrucci, an artificial intelligence (AI) researcher who led the IBM Watson development team, successfully raised nearly $60 million for his AI startup Elemental Cognition. According to the filing on August 17, the company has completed $59.95 million in equity sales from 17 investors and plans to raise $5.75 million in funds. Elemental, headquartered in the Helmsley Building in New York, aims to create AI with advanced reasoning capabilities. The company offers two enterprise chatbot solutions, Cogent and Cora, for a variety of applications, including finance, interactive travel planning, and scientific research automation. Elemental Cognition's leadership team includes former IBM and Bridgewater executives such as David Shepler, Eric Brown, and Mike Barborak, as well as well-known investors and consultants such as Jim Breyer, former CEO Sam Palmisano, Greg Jensen, and Geoff Yang.