Artificial Intelligence company Mind Foundry has raised an additional £10.3m in Series A funding.
Led by Aioi Nissay Dowa Insurance (ANDI) of the MS&AD insurance group, it includes funding from existing investors Parkwalk Advisors, Oxford Sciences Innovation (OSI), Oxford University and the Oxford Technology and Innovations EIS Fund.
This new funding takes the total raised by the Oxford-based company to almost £18.5m.
Mind Foundry views the insurance industry as a sector ripe for greater Artificial Intelligence (AI)-inspired activity.
Following a project with its UK subsidiary Insure the Box, ANDI has confirmed it will make the Mind Foundry platform a key part of a digital transformation strategy across its businesses.
Mind Foundry chief executive Brian Mullins believes AI and machine learning can “transform” the insurance industry.
He says: “As our homes, cars, and offices become increasingly connected, the role of insurers is also evolving. In the future, insurers won’t just wait to resolve accidents after they happen; insurers will use AI to predict accidents and aid us in preventing them.
“We will choose AI-powered insurance not because we’re worried about things going wrong, but because we want to actively make things better,” he adds.
Mind Foundry, a spin out from Oxford University’s Machine Learning Research Group, was founded in 2016 by Oxford University Professors Stephen Roberts and Michael Osborne.