June 24, 2019 (Ottawa, Canada) — MindBridge Analytics Inc. has received $14.5 million in new funding from the Government of Canada’s Strategic Innovation Fund. The funds are earmarked to accelerate the development of artificial intelligence technology. This funding adds to the recent $15.1 million Series B funding by New York-based PeakSpan Capital.
Total funding to date for the AI tech company comes to over $45 million.
In 2017, MindBridge Ai partnered with Thomson Reuters to test the functions of AI-driven data analytics inside audit software. According to a spokesperson from Thomson Reuters, the collaboration was successful in that it helped the company perform a proof-of-concept of data analytics solutions in the audit market. Through the cooperation, Thomson found there was a need in the market for a data analytics solution. Moreover, the auditors want that solution to integrate into their audit workflow.
Since releasing its flagship Ai Auditor in March 2017, MindBridge has grown fast. The company reports signing more than 260 customers in 14 countries and tripled the size of its workforce. MindBridge has spent the last year proving the extensibility of its AI engine in solving broader use cases with the Bank of England, Payments Canada, and a major North American commercial bank. According to the company, the SIF investment will accelerate the development and introduction of a flexible technology platform that enables businesses to leverage AI-based insights and analysis.
“Firms around the world trust MindBridge to understand and extract insights from their data. The government’s investment matched with the continued confidence of private investors further strengthen our AI ecosystem and Canada’s leadership position on the world’s stage. This positions MindBridge to better leverage our flexible AI platform to help drive the data economies of the future.” — Eli Fathi, CEO, MindBridge Ai
This democratization of AI will directly benefit all Canadians by enabling innovative organizations of any size to deliver new data-driven services without the need for deep data science and programming skills. These combined investments will further expand the MindBridge commitment towards responsible AI development with mentorship programs at elementary and post-secondary schools, business leadership education through the annual IMPACT AI conference, and the advancement of women and youth leaders in STEM through the HERoes initiative.
“Advances in AI mean more than just the development of new products or services. It has the potential to help us solve some of the most difficult challenges we face while creating good quality jobs and growth across all industries in the economy. MindBridge has already brought revolutionary AI products to market, and we are thrilled to invest in the next phase of their work, as they continue to innovate, grow, and create well-paying jobs.”— Honourable Navdeep Bains, Canadian Minister of Innovation, Science and Economic Development
About MindBridge Ai:
MindBridge Ai is a venture-backed FinTech company based in Ottawa, Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors and intentional misstatements. Using MindBridge Ai Auditor, organizations across multiple industries can minimize financial loss, reduce corporate liability and can focus on providing higher value services to their clients.
You are responsible for ensuring financial statements are free from material misstatement — whether caused by fraud or error. Organizations of all sizes can now harness the capability and added assurance of applying the Ai Auditor to its internal controls. Equally important, we review 100% of your transactions — your auditor samples 3% of them.
You achieve a consistent, efficient and focused review. We also provide the tool to auditors.
We’d love an opportunity to show you the value we can bring to your organization:
- For Internal Audit — Use the same or more powerful tool as your auditor.
- For Business — Find and correct anomalies before your auditor finds them.
- For Audit Firms — Use the most powerful tool to guide your audit to the highest risk areas.
- For M & A Firms and Investment Bankers — Anomalies in financial transactions and GLs tell a lot about a company’s character.
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