MindBridge Ai, 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 $29.6 million.
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“Advances in AI mean more than just the development of new products or services. It has the potential to help us solve some of the most difficult challenges we face, while creating good quality jobs and growth across all industries in the economy. MindBridge has already brought revolutionary AI products to market, and we are thrilled to invest in the next phase of their work, as they continue to innovate, grow and create well paying jobs.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
Funding will help democratize AI and benefit all Canadians
Since releasing its flagship Ai Auditor in March 2017, MindBridge has signed over 260 customers in 14 countries and tripled the size of its workforce. MindBridge has spent the last year proving the extensibility of its AI engine in solving broader use cases with the Bank of England, Payments Canada, and a major North American commercial bank. The SIF investment will accelerate the development and introduction of a flexible technology platform that enables any business to leverage AI-based insights and analysis.
Million funds raised to date ($CDN)
Series B funding announced
The company has raised $15.1-million in venture capital led by New York’s PeakSpan Capital in a group that includes existing Canadian investors Real Ventures, National Bank of Canada, the Group Ventures and New York’s Reciprocal Ventures.
“Firms around the world trust MindBridge to understand and extract insights from their data. 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.”
– Eli Fathi, CEO, MindBridge Ai
A commitment towards responsible AI development
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.
Starting the conversation about ethics and equality in AI
On May 30th MindBridge hosted the second annual, and highly successful IMPACT AI Conference, bringing together thought leaders, influencers, and practitioners from across North America to explore the principles, ideas, and real-world examples of responsible artificial intelligence.
Empowering women in STEM and leadership
At the IMPACT AI Conference, MindBridge Ai CEO Eli Fathi announced the new MindBridge Ai HERoes initiatives. This exciting program will provide resources and mentorship to support the advancement of women and youth leaders in STEM through the HERoes initiative. Details on these initiatives will be released soon.