With over 100 billion risk-scored financial entries, the company has demonstrated that AI-powered auditing has reached a tipping point.
OTTAWA, ON, January 10, 2024 /CNW/ – MindBridge Analytics, a global leader in AI-driven financial risk discovery for audit and internal controls, today announced a significant capital investment from PSG Equity, record results for 2023, the addition of two senior growth executives to the MindBridge management team and a significant performance milestone.
PSG Equity joined investors PeakSpan Capital and Real Ventures, among several notable investors, in April of 2023 with a $60 million (USD) capital investment. Proceeds are being used for recapitalization, market expansion, and general corporate purposes. With a strong balance sheet, the company is well-positioned for growth.
In addition, Mindbridge recorded record revenue results in 2023, including significant expansions in the customer base and Fortune 100 new customers. The company’s recently announced Transaction Risk Analytics (TRA) products have witnessed explosive growth since their introduction less than 18 months ago. In 2023, TRA revenues more than doubled, driven by the acquisition of a string of new clients and a strong expansion of the existing customer base.
“We are using MindBridge across a number of different finance requirements, including risk analysis of our general ledger, receivables, payables, payroll, and vendor analytics, and we expect to roll out additional MindBridge use cases in the coming months.” Ryan Mitchell, Finance Digital Delivery Manager, Chevron.
MindBridge reached a significant performance milestone in 2023, with over 100 billion financial entries scored by MindBridge AI, the company’s powerful AI-driven financial risk discovery platform. According to Robin Grosset, MindBridge CTO, “We believe this puts MindBridge platform at the scale of a Big 4 audit firm, in terms of the amount of data it is regularly processing. Unlike our competitors, we are consistently able to deliver the speed, accuracy, and complexity that sophisticated enterprises require.”
MindBridge also appointed two senior executives in the second half of 2023. Mike Maziarz joined the company as Chief Marketing Officer (CMO), and Jonathan Madden joined the company as VP of Sales. Maziarz joins MindBridge from Zengines, where he was a co-founder and VP of marketing and product. Before Zengines, he was the Chief Marketing Officer for SecurityScorecard. He was also the CMO of Exari, where he played an instrumental role in the strategic sale of the company to Coupa.
Madden joins MindBridge from Blackline, where over nine years he was successively promoted to Area Vice President, where he built out new Mid-Enterprise sales regions as 2nd level leader across the Eastern US & Canadian markets growing sales organization by 50% across North America in 2022. Prior to Blackline, he served in senior sales positions at Servoy and SDS Digital.
“We’re thrilled to have Jon and Mike join MindBridge at such a pivotal time in the company’s growth,” said Bill Hewitt, interim CEO. “Their go-to-market experience and success scaling highly performant teams is key to our future growth. “AI is proving to be a game-changer in the office of the CFO. I’m delighted to join such a talented team and further our position as the leader in financial risk discovery,” said Maziarz. Commented Madden, “Seeing the enthusiasm in our customer base for our solutions is amazing, and I’m thrilled to be a part of the next stage of growth in this exciting market.”
MindBridge Analytics is the global leader in AI-driven financial risk discovery for audit and internal controls that help financial professionals access better ways of working by identifying, surfacing, and analyzing risk across broad financial datasets.
MindBridge is recognized by the World Economic Forum as a Technology Pioneer and by Forbes as a Top 50 AI Firm to Watch for its contribution to transforming accounting and financial professionals’ ability to analyze data. MindBridge’s technology is accredited by Holistic AI, a world-leading expert in best practices and standards for AI systems to ensure performance in a safe, legal, and ethical manner.
Founded in 2015 in Ottawa, Canada, MindBridge is an ISO27001:2013, ISO27017:2015, and ISO27018:2019-certified secure platform and has completed SOC 2® Type 2 and SOC 3® attestations. MindBridge serves audit and advisory firms and a wide variety of companies across multiple industries worldwide.