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£2.1m investment for ‘brain-inspired’ AI start-up Mindtrace
Mindtrace, a leading AI software solutions provider enabling enterprises to accelerate model building and deployment of ‘dynamic’ AI today announced a $3 million investment led by Skylake Capital, with participation from Bloc Ventures and existing investor Mercia Asset Management. This funding will support Mindtrace’s mission to accelerate its product roadmap and bolster go-to-market capabilities, including strategic partnerships. Marcos Battisti of Skylake Capital and Michael Dimelow of Bloc Ventures have joined the Company’s board of directors.
Founded in November 2017, Mindtrace’s mission is to deliver ‘brain-inspired’ AI solutions that enable customers to maximally exploit the functionality and performance of Brain-Sense™ technology to reduce costs and enhance end-product and service capabilities. Leveraging Mindtrace’s Brain-Sense™ technology, enterprises drastically improve their operation efficiencies and generate new revenue opportunities through product and service differentiation.
Sir Hossein Yassaie, chairman of the board, Mindtrace further commented: “Deployment of continuous learning AI technology, capable of learning on multiple platforms and sharing new use case knowledge across enterprise and partner networks, with minimal data labeling and AI model rebuilding requirement, is a major advantage for enterprises to embrace in order to remain competitive in the age of digital transformation.
Mike Dimelow, CCO at Bloc Ventures, commented: “Venture capital and the technology titans have poured billions into AI over the past decade or so, driven by innovators that are seeking out ways to help humans make better decisions or automate repetitive tasks. We are now entering an era of AI where teaching computers to learn and cognitively process like a human is the next logical step on the world’s technology roadmap. Mindtrace has been working on this challenge for over five years, so we’re thrilled to partner with the team and to see whether they can make unsupervised learning a reality.”
Hoon Chung, CEO of Mindtrace said: ” This novel technology enables a set of new possibilities that minimizes the need for large amounts of labeled data and allows for faster learning and more intelligent A.I. that adapts to changing real-life conditions. We are excited to work with Skylake Capital and Bloc Ventures as our global partners for growth.