Mind Foundry, a UK-based machine learning software spinout of University of Oxford, attracted $13.6m today in a series A round led by Aioi Nissay Dowa Insurance, a subsidiary of insurance group MS&AD Insurance.
University of Oxford and its Oxford Sciences Innovation venture capital fund also took part in the round alongside Parkwalk Advisors, part of commercialisation firm IP Group, and Oxford Technology and Innovations EIS Fund.
Founded in 2016, Mind Foundry uses machine learning software to perform data analytics on behalf of enterprises in industries such as finance, engineering and life sciences. Aloi Nissay Dowa has used the technology in its UK subsidiary, Insure The Box, and will expand that across all its subsidiaries.
The company said the round increased its funding to $24.4m to date. Parkwalk’s Opportunities Fund invested an undisclosed sum in April 2019, having previously supplied funding in 2017.
Mind Foundry had collected $1.7m of seed funding from OSI and unnamed private investors in 2016, after securing funding from University of Oxford Isis Fund II, a Parkwalk-manged co-investment vehicle that backs Oxford spinouts, earlier the same year.