Oxford-based AI startup, Mind Foundry has bagged €11.46M in a Series A funding round held in November 2020, led by Aioi Nissay Dowa Insurance (ANDI). Other participants in the round include Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.
Following a successful project with Aioi Nissay Dowa Insurance’s UK subsidiary, Insure The Box Limited (ITB), ANDI now plans to make the Mind Foundry platform an essential part of its digital renovation strategy across its businesses.
Founded in 2016 by Michael Osborne and Stephen Roberts, Mind Foundry, spun out of the University of Oxford’s Machine Learning Research Group (MLRG) and aims to build a future where humans and AI join forces to solve the world’s most imperative problems.
Stephen Roberts and Michael Osborne, both were professors at the University of Oxford and founded the startup because they understood how vital AI was for our future. They have over three decades of pioneering research behind them and are internationally recognized as stars in the turf of AI & Machine Learning. Their methodological and practical work set the foundation for a completely new type of machine learning platform that can help individuals use AI to make better decisions together.
Brian Mullins, CEO at Mind Foundry said the insurance industry is an important part of economies around the world, aiding companies and people in making better choices, balancing risk, and access important services in times of need. He quoted,” With the power of AI and Machine Learning, we can transform the industry and the lives of the people who depend on it.” In the near future, insurers won’t just wait to resolve accidents after they occur, they will utilize AI to foresee accidents and help everyone in preventing them. Mind Foundry’s AI platform is helping insurers to fast-track this transformation.
About Aioi Nissay Dowa Insurance
Aioi Nissay Dowa Insurance Co., Ltd. (ANDI) offers insurance services, including fire insurance, casualty insurance, automobile insurance, allied insurance, life insurance, and other insurance products. It provides its services to individuals and groups both nationally and overseas.
Satoru Tamura, Senior Managing Executive Officer at ANDI, stated there are some technologies that can alter a small part of the insurance value chain, but to date, there are no technology companies that can help insurers change the entire insurance operation. Therefore, ANDI has been in search of a trustworthy partner with first-class technology so as to develop such solutions together across the insurance value chain and is happy enough to have found Mind Foundry.
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