AI innovator Mind Foundry has raised £10.4 million.
The Oxford University spinout aims to create future where humans and AI work together to solve the world’s most important problems.
The Series A funding was led by Aioi Nissay Dowa Insurance and includes funding from existing investors Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford and the Oxford Technology and Innovations EIS Fund.
With customers across several industries, Mind Foundry’s AI platform learns about and understands businesses to help teams make better decisions.
The insurance industry offers a new route for AI to affect transformational impact on the real world.
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.”
The company has raised a total of $24.4m funding to date.
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.”