AI software maker Mindtrace lands $3Mn in venture capital financing

AI software maker Mindtrace lands $3Mn in venture capital financing
Mindtrace, a Manchester-based AI software firm, has made headlines after picking up around $3 million as an investment from venture capital (VC) firms Bloc Ventures, Skylake Capital and current investor Mercia Asset Management. Sources indicate that Mindtrace might use these funds to boost its product roadmap and expand its go-to market capabilities such as strategic partnerships.

Speaking on the investment, Skylake Capital GM, Marcos Battisti said that Mindtrace has developed a platform that provides customers a unique blend of capabilities that include federated learning and few-shot learning. These capabilities are essential for democratization of AI. Furthermore, solutions developed by Mindtrace can help drive new AI capabilities at the edge.

Sir Hossein Yassaie, Chairman, Mindtrace, explained that in order to remain competitive in the digital era, enterprises can utilize solutions like deployment of persistent learning AI technology, learning on multiple platforms and sharing knowledge of new use case across other enterprises and partner networks, with low data labeling and AI model rebuilding requirement.

Meanwhile, Michael Dimelow, Chief Commercial Officer, Bloc Ventures, stated that major venture capital and technology firms have poured enormous funds into AI over the years incited by innovators that are dedicated on improving decision making capabilities or automating repetitive tasks.

He said that as the world is now entering into an era of AI, teaching computers new learning capabilities as well as cognitively process similar to human could be the next logical step in future technology roadmap.

Commenting on Mindtrace, Mr. Dimelow said that the company has been working on this challenge for over half a decade and their firm is excited to partner with the team at Mindtrace and see whether the goal of unsupervised learning could become a reality.

As per Ashwin Kumaraswamy, Investment Director, Mercia, said AI is of high significance to Mercia and Mindtrace is ideal for their firm as it aims at bringing a brain inspired AI platform that can make machines think more dynamically and learn continuously like humans.