UK-based startup Mind Foundry, which spun out of the University of Oxford’s Machine Learning Research Group (MLRG), has raised an additional $13.6M (approx €11.4M) in its Series A round of funding.
The round was led by Aioi Nissay Dowa Insurance (ANDI) of the MS&AD Insurance Group. With this, the company has raised a total of $24.4M (approx €20.5M) to date.
The round also saw participation from existing investors including Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
About Mind Foundry
The startup was spun out of the MLRG in 2016 by professors Stephen Roberts and Michael Osborne, who have over three decades of research experience in the field of Artificial Intelligence and Machine Learning.
With a deep understanding of how important these technologies are to the future, the mission of Mind Foundry is to create a future where AI and Humans work together to solve the world’s important problems.
Mind Foundry is an AI company that operates at the intersection of research, innovation, and usability to empower teams with AI that is built for humans. The company claims that it has developed a collaborative AI platform that learns about and understands your business to help your team make better decisions.
The platform is used from making predictions in volatile complex markets to calibrating quantum computers. Its customers apply machine learning to solve real-world problems across sectors including financial services, life sciences, and engineering.
“Our technology has been used to solve problems when no other solution was available. We’ve calibrated qubits in a quantum computer. We’ve created models that can tell you if a mosquito buzzing by your phone is a carrier for malaria. We’ve built workflows that monitor complex inflight propulsion systems,” claims the company.
Prof. Roberts says, “Mind Foundry was created out of the belief that AI that is built on scientific principles can make fundamental transformations to the world around us.”
According to the company, the insurance industry offers a new route for AI to affect transformational impact on the real world.
Disrupting the insurance industry with AI
After a successful project with ANDI’s UK subsidiary, Insure The Box Limited (ITB), ANDI now plans to make the Mind Foundry platform a core part of their businesses, claims Mind Foundry.
The strategic partnership with ANDI will help Mind Foundry gain a bigger foothold in the insurance industry, as well as help ANDI accelerate its digital transformation.
This raised capital is part of a strategic partnership that will help boost Mind Foundry’s growth in this rapidly evolving industry.
Speaking on the development, Brian Mullins, CEO at Mind Foundry, says, “The insurance industry is a critical part of economies around the globe, helping companies and people to make better choices, balance risk, and access critical services in times of need. With the power of AI and Machine Learning, we can transform the industry and the lives of the people who depend on it.”
According to the company, homes, cars, and offices are becoming increasingly connected, and the role of insurers is also evolving. Hence, in the future, insurers won’t just wait to resolve accidents after they happen; instead, they use AI to predict accidents and provide aid in preventing them. It claims its AI platform is helping insurers to accelerate this transformation.
Mind Foundry believes that we will choose AI-powered insurance not because we’re worried about things going wrong, but because we want to actively make things better.
Image credit: Mind Foundry
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