Risk management business MindBridge has secured $29.6m in its Series B round to support the evolution of its AI technology.
Investors to the Series B were not disclosed; however, part of the funding came through a separate investment by Canada Strategic Innovation Fund (SIF). This investment round has brought MindBridge’s total funding to-date up to $45m.
Following the close of the investment, the RegTech is looking to develop its technology to enable any type of business to use its services.
Canada-based MindBridge leverages AI and machine learning technology detects anomalous patterns of activities, unintentional errors and intentional misstatements. This can be used by financial institutions to lower financial loss, reduce corporate liability and improve client experiences.
Financial services can utilise the technology to assess risk across their entire network of datasets and visualise key areas of risk needed further investigation.
Eli Fathi CEO MindBridge Ai said, “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.”
This investment comes a year after MindBridge closed its Series A on $8.4m. Investors to the former round included Real Ventures of Montreal, Reciprocal Ventures, National Bank of Canada, The Group Investment and 8VC.
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