Mind Foundry, an Artificial Intelligence (AI) company that spun out of the University of Oxford’s Machine Learning Research Group (MLRG), announced on Monday it raised $13.6 million through its Series A funding round, which was led by Aioi Nissay Dowa Insurance Co., Ltd. (ANDI) of the MS&AD Insurance Group, with participation from existing investors Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
Founded in 2016, Mind Foundry revealed it has developed technology and products that help people bring machine learning closer to their work.
“Our platform is a new type of Machine Learning that is powerful enough to be trusted by experts and easy enough to be used by people throughout your organization. Built upon a foundation of scientific principle, organizations use Mind Foundry to empower their teams in entirely new ways.”
Mind Foundry further noted that its AI platform learns about and understands businesses to help teams make better decisions. Brian Mullins, CEO at Mind Foundry, then stated:
“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.”
Professor Osborne, Co-Founder of Mind Foundry, added:
“Ultimately, we build AI because we want to empower people. Unlocking human potential with AI is the key to transforming business, transforming science and transforming society.”
Mind Foundry is planning to use the funding to continue the development of the platform.