Mercia Fund Managers provide both equity and debt finance to small businesses based in the UK regions.
The investment round was led by Committed Capital and Mercia Fund Managers to support product team expansion.
"The world around us is getting busier and more complicated every day. Our map-based applications, which provide access to timely, relevant location-based information about any environment, are the key to enabling consumers and businesses to find their way."
The investment will be used to expand the team and build a prototype collision avoidance system for autonomous vehicles.
"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"
The funding round was led by 24Haymarket with support from Mercia Equity Finance.
