MindBridge Analytics Inc. has received $11 million USD ($14.5M CAD) in new funding from the Government of Canada’s Strategic Innovation Fund (SIF), earmarked to accelerate the development of artificial intelligence technology. This adds to the recent Series B funding the company received in an investment led by New York-based PeakSpan Capital to the tune of $11.4 million ($15.1M CAD).
Total funding to date for the AI tech company comes to $34.1 million.
In 2017, MindBridge Ai partnered with Thomson Reuters to test the functions of AI-driven data analytics inside audit software. According to a spokesperson from Thomson Reuters, the collaboration was successful in that it helped the company perform a proof-of-concept of data analytics solutions in the audit market. Through the collaboration, Thomson found there was a need in the market for a data analytics solution, and that auditors wanted that solution to be integrated into their audit workflow.
Since releasing its flagship Ai Auditor in March 2017, MindBridge has grown fast: The company reports signing more than 260 customers in 14 countries and tripled the size of its workforce. 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. According to the company, the SIF investment will accelerate the development and introduction of a flexible technology platform that enables businesses to leverage AI-based insights and analysis.
“Firms around the world trust MindBridge to understand and extract insights from their data,” said Eli Fathi, CEO, MindBridge Ai, in a statement. “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.”
“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,” added the Honourable Navdeep Bains, Canadian 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.”
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