Mind Foundry, an Artificial Intelligence (AI) company that spun out of the University of Oxford’s Machine Learning Research Group (MLRG), has raised an additional $13.6 million in Series A funding led by
Aioi Nissay Dowa Insurance Co., Ltd (ANDI) of the
MS&AD Insurance Group and includes funding from existing investors
Parkwalk Advisors, Oxford Sciences Innovation, the
University of Oxford, and the
Oxford Technology and Innovations EIS Fund. With the new funding, the company has raised a total of $24.4 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, 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.”
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.”
As 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 help their prevention. Drivers will choose AI-powered insurance not because of concern about things going wrong, but to actively make things better. Mind Foundry’s AI platform is helping insurers to accelerate this transformation.
The company was founded by University of Oxford Professors Stephen Roberts and Michael Osborne. With more than three decades of research behind them, they are widely recognised as experts in the field of AI & Machine Learning.
Professor Roberts, 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.”
Professor Osborne, 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.”
Nicky GoddingNicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.
After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.
She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.