MindBridge AI lands $8.4M for financial auditing solution

MindBridge Analytics, an Ottawa, Canada-based data analytics company, has raised $8.4M in Series A financing.

The round was led by Real Ventures of Montreal and includes participation from Reciprocal Ventures, National Bank of Canada, The Group Investment and 8VC. MindBridge Ai, which closed its Seed Round in June 2017, has raised a total of $15M in financing to-date, including non-dilutive funding.

MindBridge was founded to bridge the gap between the failings of current statistical sampling techniques to detect and analyse financial anomalies by using the latest technology advancements in data science and machine learning artificial intelligence (AI).

“Through discussions with customers, regulatory bodies and the investment community, it is evident that MindBridge’s AI platform is solving real problems across multiple sectors,” says Eli Fathi, CEO “This new round of financing will be deployed to accelerate the scale-up of MindBridge’s operations, further increasing its market leadership position.”

MindBridge offers an extensible AI platform that automates the ingestion and analysis of data and learns from user interaction, incorporating a hybrid of machine learning and artificial intelligence algorithms.

A ‘risk score’ is generated across the entire dataset and results are presented through an intuitive user interface that increases effectiveness of the analysis. The MindBridge Ai platform is in use with customers worldwide highlighting insights for users in CPA firms, enterprises, governments and regulators.

Its flagship solution, Ai Auditor, enables organisations across multiple industries to minimise financial loss, reduce corporate liability and can focus on providing higher value services to their clients. At accountants’ request, the MindBridge platform automates complicated data analysis tasks and intuitively presents the results.

The company claims the solution enhances the auditor’s capacity to ingest, process and analyse financial data empowering risk professionals with faster results and deeper insights to identify and perform an audit with a greater level of assurance.

Copyright © 2018 RegTech Analyst

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