Oxford Technology & Innovations EIS Fund (OTIF) invests £250k into University of Oxford spinout company Mind Foundry Ltd
News - 10th November 2020
- Mind Foundry Ltd is commercialising a Collaborative AI Platform that is solving real-world problems.
- OTIF’s investment was advised by Oxford Investment Consultants LLP and was part of a £10.5m round led by Aioi Nissay Dowa Insurance Co., Ltd. (ANDI) of the MS&AD Insurance Group (TYO: 8725).
- This is the third OTIF investment in Mind Foundry Ltd to date, bringing total funds invested by OTIF in the Company to £1.2m.
Oxford Investment Consultants LLP (OIC) is pleased to announce a £249,980 investment from the Oxford Technology and Innovations EIS Fund (OTIF) into Mind Foundry Ltd, a spinout from Oxford University’s Machine Learning Group (MLRG) in the Department of Engineering Science. Mind Foundry is aiming to democratise access to advanced machine learning-based data science. The investment is part of a £10.5m funding round led by ANDI of the MS&AD Insurance Group, and includes funding from existing investors Parkwalk Advisors, Oxford Sciences Innovation, OTIF and the University of Oxford.
Data accumulation is happening at such an exponential rate that simply scaling human data teams will be unable to solve the problem of analysis that these growing datasets present. Mind Foundry’s mission is to create a future where humans and AI work together to unlock the benefits of these datasets to solve the world’s most important problems. To date, the platform has been used to solve some of the most challenging applications of Machine Learning and AI, from making predictions in volatile financial markets to calibrating quantum computers.
The insurance industry offers a new route for AI to affect transformational impact on the real world. After a successful project with ANDI’s UK subsidiary, Insure The Box Limited (ITB), ANDI now plans to make the Mind Foundry platform a core part of its digital transformation strategy across its businesses.
The ANDI investment is part of a strategic partnership that will accelerate Mind Foundry’s growth into the rapidly evolving mobility insurance sector. In this area, Mind Foundry’s AI platform can be used to assist insurers in predicting claim events and then aid in preventing them.
Commenting on the investment, James Mallinson, Partner of Oxford Investment Consultants LLP said “We’re thrilled to announce our third investment in Mind Foundry alongside insurance leaders the MS&AD Insurance Group. Broadly speaking, AI is likely to be an epoch-defining technology and Mind Foundry is at the forefront of enabling businesses solving real problems to reap the benefits that AI can offer them. The insurance industry is a prime example of this. OIC’s ongoing support for Mind Foundry is a great demonstration of our firm’s mission to help grow potential future sector leaders commercialising truly ground-breaking technologies.”
Further information on Mind Foundry can be found here.