Mind Foundry raises £10.4m in Series A funding led by Aioi Nissay Dowa Insurance to scale its AI platform
The University of Oxford spinout secured £10.4m from backers including Parkwalk Advisors and Oxford Sciences Innovation to expand its presence in the insurance sector.
Mind Foundry is an artificial intelligence company that spun out from the University of Oxford to develop machine learning platforms for enterprise decision-making. Its technology assists organisations across multiple sectors, including insurance, in navigating complex data.
Mind Foundry has secured £10.4m in Series A funding led by Aioi Nissay Dowa Insurance. The round also drew participation from existing backers Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
The capital supports a strategic partnership with Aioi Nissay Dowa Insurance, following a successful project with the insurer's UK subsidiary, Insure The Box. The investor plans to integrate the Oxford spinout's platform into its global digital transformation strategy across the mobility insurance sector.
From the founder
"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."
Brian Mullins
CEO at Mind Foundry
Investor perspective
"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."
Satoru Tamura
Senior Managing Executive Officer, Aioi Nissay Dowa Insurance
Investors
Satoru Tamura
Aioi Nissay Dowa Insurance
Parkwalk Advisors
Oxford Sciences Innovation
Oxford Technology and Innovations EIS Fund
Categories
About the company
Mind Foundry
Mind Foundry develops artificial intelligence platforms designed to help organisations make better operational decisions.