Mind Foundry Explained

Mind Foundry is an artificial intelligence company that is headquartered in Oxford, Oxfordshire. The company is a spin-out of the University of Oxford and was founded by two professors of machine learning at the university, Stephen Roberts.^[1] and Michael Osborne.^[2] The company specialises in “AI for high-stakes applications”.^[3] Mind Foundry primarily operates in three sectors: Insurance, Infrastructure, and Defence & National Security.^[4]

History

Mind Foundry was founded in 2016 out of the Machine Learning Research Group^[5] at the University of Oxford by professors Stephen Roberts and Michael Osborne.^[6]

Mind Foundry received investment from Oxford Science Enterprises^[7] and Parkwalk Advisors^[8] in an initial seed round in 2016.^{[9] [10]}

In 2019 the company appointed Brian Mullins as its CEO.^[11]

In 2020 the company raised $13.6 million investment in a Series A round that was led by Aioi Nissay Dowa Insurance Company Ltd (ANDI), part of the MS&AD Insurance Group.^[12] Other investors in the series A round included Parkwalk Advisors, Oxford Sciences Innovation, the University of Oxford, and the Oxford Technology and Innovations EIS Fund.^[13]

In February 2023 it was announced that Mind Foundry had launched a commercial research and development laboratory in Oxford in partnership with ANDI called the Aioi R&D Lab - Oxford.^[14] The Aioi R&D Lab - Oxford "brings together experts from numerous disciplines to apply cutting-edge research on projects that solve global-scale issues affecting society today, and in the future."^[15]

In 2023 Mind Foundry raised a further $22 million in investment in a series B round,^[16] bringing the total amount the company has raised to date to $44 million.^[17]

Mind Foundry and Aioi Nissay Dowa Insurance were named winners in the UK–Japan Partnership category at the British Business Awards gala by the British Chamber of Commerce in Japan in November 2023.^[18]

Notes and References

1. Web site: Stephen Roberts' Home Page . 2023-09-20 . robots.ox.ac.uk.
2. Web site: About · Michael A Osborne . 2023-09-20 . robots.ox.ac.uk.
3. Web site: Why generative A.I. isn't ready for "high stakes" . 2023-10-30 . Fortune . en.
4. Web site: Foundry . Mind . AI For High-Stakes Applications. Responsible, By Design. . 2023-12-14 . www.mindfoundry.ai . en-gb.
5. Web site: home - Machine Learning Research Group . 2023-10-30 . robots.ox.ac.uk.
6. Web site: 2016-03-02 . Oxford machine learning spinout unlocks big data insights University of Oxford . 2023-12-14 . www.ox.ac.uk . en.
7. Web site: Mind Foundry - Oxford Science Enterprises . 2023-12-14 . www.oxfordscienceenterprises.com . en-GB.
8. Web site: Mind Foundry . 2024-01-03 . Parkwalk Advisors . en-GB.
9. Web site: 2016-03-02 . Oxford machine learning spinout unlocks big data insights . University of Oxford . 2023-09-20 . en.
10. Web site: Dealroom . 2023-09-20 . app.dealroom.co.
11. Web site: Foundry . Mind . Our Team At Mind Foundry . 2024-01-03 . www.mindfoundry.ai . en-gb.
12. Web site: 2020-11-09 . Oxford spin-out Mind Foundry raises $13.6 million to develop AI platform for insurance providers . 2023-09-20 . Tech.eu . en-GB.
13. Web site: Oxford Technology & Innovations EIS Fund (OTIF) . 2023-10-30 . Oxford Investment Consultants . en-GB.
14. Web site: 2023-02-22 . Mind Foundry launches first-of-its-kind lab to build AI-powered future of insurance . 2023-09-20 . The Business Magazine . en-GB.
15. Web site: New R&D Lab opens in Oxford to apply AI to global scale issues . 2023-10-30 . eng.ox.ac.uk.
16. News: 2023-10-17 . This AI Startup Helps Insurers Spot Cognitive Decline in Older Drivers . en . Bloomberg.com . 2023-10-18.
17. Web site: Nowacki . Igor . 2023-10-17 . Mind Foundry Raises $22 Million to Use AI in Insuring Older Drivers . 2023-12-14 . TS2 SPACE . en-US.
18. Web site: BBA 2023 Winner Profile: UK–Japan Partnership – Aioi Nissay Dowa Insurance and Mind Foundry . 2023-12-14 . British Chamber of Commerce in Japan . en-US.