MindTrace raises £1.3m from Accelerated Digital Ventures and the Northern Powerhouse Investment Fund to develop unsupervised AI systems.
The investment will be used to expand the team and build a prototype collision avoidance system for autonomous vehicles.
MindTrace is a Manchester-based startup developing advanced artificial intelligence software that mimics human brain functions. The company focuses on creating unsupervised learning systems for autonomous vehicle collision avoidance.
Manchester-based startup MindTrace has secured £1.3m in funding from Accelerated Digital Ventures and the Northern Powerhouse Investment Fund through Mercia Equity Finance. The business is developing unsupervised machine learning software with an initial focus on collision avoidance systems for autonomous vehicles. The capital will be deployed to expand the research and development team, appoint a chief executive, build a prototype with a major car manufacturer, and prepare for a subsequent Series A round.
The company brings together notable academic and industry figures, including Professor Michael Denham, Dr Kameliya Dimova, and Professor Steve Furber, alongside chair Sir Hossein Yassaie. Investors highlighted the potential of unsupervised learning and the calibre of the founding team as key factors behind the transaction.
Investor perspective
"MindTrace represents a landmark opportunity to define the artificial intelligence industry through the development of unsupervised learning. Truly unsupervised machine learning has never been achieved and its potential to change society, business and the world is infinite. This combined with a team of global sector leaders based in Manchester – the original home of computers – is an extraordinary recipe. We’re really excited to support the company’s growth going forward"
Michael Dimelow
Head of Investment, Accelerated Digital Ventures
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Continue product development
Investors
Michael Dimelow
Accelerated Digital Ventures
Northern Powerhouse Investment Fund
Ashwin Kumaraswamy
Mercia Fund Managers