MindBridge Analytics Inc. has announced the closing of a $29.6 million round of equity and debt/grant financing, consisting of $15.1 million Series B equity funding and $14.5 million in repayable grant funding from liberal government’s Strategic Innovation Fund (SIF).
The Series B closed almost four months ago and is now being announced to include the SIF funding.
New York based PeakSpan Capital led the financing and was joined existing investors Real Ventures, National Bank of Canada, Reciprocal Ventures of New York, The Group Ventures of Toronto, 8VC of San Francisco, and private investors from USA, Asia and Canada.
In connection with the financing, PeakSpan’s Managing Partner, Brian Mulvey, has joined MindBridge’s board of directors.
Ottawa based MindBridge Ai is a FinTech company. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors, and intentional misstatements. MindBridge Ai Auditor helps organizations across multiple industries minimize financial loss, reduce corporate liability.
photo credit: MindBridge Analytics
MindBridge Ai Secures $29.6 Million in New Funding to Accelerate the Democratization of Artificial Intelligence
OTTAWA, June 12, 2019 (GLOBE NEWSWIRE) — MindBridge Analytics Inc., a global provider of artificial intelligence (AI) solutions that apply risk-based approaches to help organizations extract insights from data, today announced the closing of its Series B round of financing and an investment through the Government of Canada Strategic Innovation Fund (SIF) for a combined total of $29.6 million. These investments continue MindBridge Ai’s growth strategy, with total fundraising to-date of over $45 million.
Since releasing its flagship Ai Auditor in March 2017, MindBridge has signed over 260 customers in 14 countries and tripled the size of its workforce. With Ai Auditor addressing the needs of the accountancy market serving CPA firms, MindBridge has spent the last year proving the extensibility of its AI engine in solving broader use cases with the Bank of England, Payments Canada, and a major North American commercial bank. The SIF investment will accelerate the development and introduction of a flexible technology platform that enables any business to leverage AI-based insights and analysis.
“Advances in AI mean more than just the development of new products or services. It has the potential to help us solve some of the most difficult challenges we face, while creating good quality jobs and growth across all industries in the economy,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “MindBridge has already brought revolutionary AI products to market, and we are thrilled to invest in the next phase of their work, as they continue to innovate, grow, and create well-paying jobs.”
This democratization of AI will directly benefit all Canadians by enabling innovative organizations of any size to deliver new data-driven services without the need for deep data science and programming skills. These combined investments will further expand the MindBridge commitment towards responsible AI development with mentorship programs at elementary and post-secondary schools, business leadership education through the annual IMPACT AI conference, and the advancement of women and youth leaders in STEM through the HERoes initiative.
“Firms around the world trust MindBridge to understand and extract insights from their data,” said Eli Fathi, CEO, MindBridge Ai. “The government’s investment matched with the continued confidence of private investors further strengthen our AI ecosystem and Canada’s leadership position on the world’s stage. This positions MindBridge to better leverage our flexible AI platform to help drive the data economies of the future.”
For more information about this announcement, please visit mindbridge.ai.
About MindBridge Ai
MindBridge Ai is a FinTech company based in Ottawa, Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors, and intentional misstatements. Using MindBridge Ai Auditor, organizations across multiple industries can minimize financial loss, reduce corporate liability and enhance their professional judgment. For more information, visit www.mindbridge.ai.
Name: Roy Sarkar