An Oxford University spin-out which specialises in one of the most promising applications of artificial intelligence (AI) has raised $13.6m (£10.4m) in funding.
Mind Foundry develops AI for sectors including financial services and aerospace, specialising in the development of machine learning, in which computer systems gradually teach themselves to carry out tasks like identifying data.
The company raised the funding from Aioi Nissay Dowa Insurance, part of Japanese insurance giant MS&AD. Other backers include Parkwalk, Oxford Sciences Innovation and the University of Oxford.
Aioi Nissay Dowa Insurance is now planning to work with the start-up to help improve its services. For instance, the use of AI in the insurance industry can help companies to price insurance policies more competitively. The technology can also be used to recognise fraud patterns and reduce the number of false claims.
Traditional insurance businesses are increasingly using the technology as a wave of start-up challengers have entered the market.
Earlier this week, The Telegraph reported that British insurance start-up Marshmallow, which uses machine learning, had reached a $300m valuation after a $30m investment round.
Brian Mullins, Mind Foundry’s chief executive, said the company is also seeing a rise in interest from governments around the world for help in developing AI systems.
“They don’t represent a significant amount of what we’re doing today but we are interested over the long term because of the potential for a positive impact,” he said. “We’re involved in conversations now where we’re thinking about something that will affect the lives of every possible situation. You can’t do that casually."
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