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Mindtrace

Mindtrace, a Manchester-based company that aims to deliver “AI Brains”, which may closely resemble human brains, has secured $3 million (approx £2.1 million) funding. 

The round was led by Skylake Capital, with participation from Bloc Ventures and Mercia Asset Management. As a part of the round, Marcos Battisti of Skylake Capital and Michael Dimelow of Bloc Ventures have joined the Company’s board of directors.

The funding will be used to accelerate the company’s product roadmap and bolster go-to-market capabilities, including strategic partnerships.

Hoon Chung, CEO of Mindtrace said: ” This novel technology enables a set of new possibilities that minimises the need for large amounts of labelled data and allows for faster learning and more intelligent AI that adapts to changing real-life conditions. We are excited to work with Skylake Capital and Bloc Ventures as our global partners for growth.”

Building brain-inspired AI solutions

Founded by Kamelia Dimova, and Michael Denham in 2017, Mindtrace builds brain-inspired AI solutions that enable enterprises to enhance end-product and service capabilities at a reduced cost. 

The company’s flagship technology, ‘Brain-Sense’, helps enterprises drastically improve their operational efficiencies and generate new revenue opportunities through product and service differentiation.

This enables a set of new possibilities that minimises the need for big data and allows for faster learning and more intelligent AI that adapts to changing real-life conditions, claims the company. 

Marcos Battisti, General Partner at Skylake Capital, added: “Mindtrace is a true innovator in a rapidly emerging new market dynamic. The company has developed a platform offering a unique combination of capabilities which include few-shot learning and federated learning. These capabilities are crucial to the democratisation of AI. The solution is also a key technology to enable new AI capabilities at the edge.”

Sir Hossein Yassaie, chairman of the board, Mindtrace, further commented: “Deployment of continuous learning AI technology, capable of learning on multiple platforms and sharing new use case knowledge across enterprise and partner networks, with minimal data labelling and AI model rebuilding requirement, is a major advantage for enterprises to embrace in order to remain competitive in the age of digital transformation.

Ashwin Kumaraswamy, Investment Director at Mercia said;” As Mindtrace’s seed investor, we are delighted to take part in this latest round welcoming two new partners to the syndicate, both of whom have significant value to add. AI is a hugely important sector to Mercia, Mindtrace is a great example that is bringing a novel brain-inspired AI technology platform to make machines dynamically think and learn continuously in a human-like manner.

Mike Dimelow, CCO at Bloc Ventures, commented: “Venture capital and the technology titans have poured billions into AI over the past decade or so, driven by innovators that are seeking out ways to help humans make better decisions or automate repetitive tasks. We are now entering an era of AI where teaching computers to learn and cognitively process like a human is the next logical step on the world’s technology roadmap. Mindtrace has been working on this challenge for over five years, so we’re thrilled to partner with the team and to see whether they can make unsupervised learning a reality.”