Mind Foundry, an AI startup and spin-out of the University of Oxford’s Machine Learning Research Group, has raised an additional $13.6 million in Series A funding. The new investment was led by Aioi Nissay Dowa Insurance (ANDI) of the MS&AD Insurance Group, a new strategic partner, and joined by several other funds. The AI platform is designed to help insurers predict accidents and help humans prevent them, according to the startup. “Mind Foundry was created out of the belief that AI that is built on scientific principles can make fundamental transformations to the world around us,” said Professor Stephen Roberts, who co-founded the company with Professor Michael Osborne in 2016. The strategic partnership with ANDI will help the UK startup gain a bigger foothold in the insurance industry, and help ANDI accelerate its digital transformation. Following a successful proof-of-concept project with ANDI’s UK subsidiary Insure The Box, the insurer plans to make the Mind Foundry platform a core part of its strategy across its businesses. What differentiates Mind Foundry from other insurtech products is its wide scope, according to Satoru Tamura of ANDI. They explained: “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 new round, which brings the company’s total fundraising to $24.4 million, includes previous backers Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
Photo: Co-founders Steve Roberts and Mike Osborne