Mind Foundry, an Artificial Intelligence (AI) company that spun out of the University of Oxford’s Machine Learning Research Group (MLRG), just has raised an additional €11.46 million in Series A funding led by Aioi Nissay Dowa Insurance (ANDI) and joined by existing investors Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
Mind Foundry was founded in 2016, and with the new funding, the company has raised a total of €20,56 million to date. Mind Foundry’s mission is to create a future where humans and AI work together to solve the world’s most important problems. With customers across several industries, Mind Foundry’s AI platform learns about and understands your business to help your team make better decisions. The insurance industry offers a new route for AI to affect transformational impact on the real world.
This investment is part of a strategic partnership that will accelerate Mind Foundry’s growth in this rapidly evolving industry. 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 digital transformation strategy across their businesses.
Satoru Tamura, Senior Managing Executive Officer at ANDI, commented: “There are some technologies that can change a small part of the insurance value chain, but there are no technology companies that can help insurers transform the entire insurance operation. Therefore, we had been seeking a reliable partner with first-class technology in order to jointly develop such solutions across the insurance value chain.”
Brian Mullins, CEO at Mind Foundry, added: “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.”
As our homes, cars, and offices become increasingly connected, the role of insurers is also evolving. In the future, insurers won’t just wait to resolve accidents after they happen; insurers will use AI to predict accidents and aid us in preventing them. Mind Foundry’s AI platform is helping insurers to accelerate this transformation.
University of Oxford Professors Stephen Roberts and Michael Osborne founded the company because they realised how important AI was for our future. With over three decades of groundbreaking research behind them, they are globally recognized as luminaries in the field of AI & Machine Learning. Their methodological and applied work laid the foundation for an entirely new type of machine learning platform that can help people collaborate with AI to make better decisions together.
