This Oxford University startup wants to bring humans and AI together to solve real-world problems, bags £10.4M
Mind Foundry is a University of Oxford spin-out founded to create a future where humans and AI work together to solve the world’s most crucial problems. The company now raised $13.6 million (approx £10.4 million) in a Series A round led by Aioi Nissay Dowa Insurance Co., Ltd (ANDI) of the MS&AD Insurance Group.
Other existing investors including Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund also participated in the round. To date, the Oxford-based AI company raised $24.4 million (approx £18.5 million).
Mind Foundry platform as digital transformation strategy
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, said: “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.”
Jun Ikegami, Executive Manager – Telematics Projects at ANDI Europe, added: “Our proof of concept together demonstrated the quality and power of the Mind Foundry platform and its world-class talents who enhanced our machine learning capability. Now we are embarking on an ambitious project to transform our entire insurance operation on a global scale to lead the rapidly evolving mobility insurance sector by joining forces with Mind Foundry.”
Developed to solve challenging applications of ML & AI
Professor Roberts, the co-founder of Mind Foundry, said: “Mind Foundry was created out of the belief that AI that is built on scientific principles can make fundamental transformations to the world around us.
According to the company, the platform is used to solve some of the most challenging applications of Machine Learning and AI right from making predictions in volatile complex markets to calibrating quantum computers.
Professor Osborne, the co-founder of Mind Foundry, added: “Ultimately, we build AI because we want to empower people. Unlocking human potential with AI is the key to transforming business, transforming science, and transforming society.”
Insurance and AI
In this regard, the insurance industry offers a new route for AI to affect the transformational impact on the real world. The AI platform is designed to help insurers predict accidents and aid humans in preventing them, claims the startup.
Brian Mullins, CEO at Mind Foundry, said: “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.”
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.