MindBridge is an Ottawa-based AI company that sells an AI-powered financial risk discovery platform to help auditors spot fraud and accounting anomalies. It serves auditors, accountants and financial professionals across accounting, advisory, enterprise, government and finance sectors. The company signed a global deal with KPMG in April 2023 to integrate its software into KPMG’s digital accounting platform. Founded in 2015, MindBridge reported annual revenues grew more than sixfold under prior leadership, surpassing $20 million in 2022. The company has raised a new $60 million USD growth-equity investment from Boston growth-stage firm PSG Equity. Per reporting, about $15 million USD of the proceeds go to the company and the remainder is for secondary purchases from undisclosed existing investors, valuing MindBridge at roughly $200 million CAD. Bill Hewitt, a PSG senior advisor, has been appointed interim CEO while the company searches for a permanent leader and plans to use the funds for general corporate purposes. MindBridge Ai builds machine learning and artificial intelligence solutions—most notably its Ai Auditor—to detect anomalous patterns, unintentional errors, and intentional misstatements. The company uses a risk-based approach to help organizations minimize financial loss, reduce corporate liability, and enhance professional judgment. Since releasing its flagship Ai Auditor in March 2017, MindBridge has signed over 260 customers across 14 countries and has tripled the size of its workforce. The firm intends to use new funding to accelerate development and introduce a flexible technology platform enabling any business to leverage AI-based insights and analysis. Financially, the company has closed a $29.6M Series B and reports total fundraising to-date of over $45M. MindBridge offers an AI platform that detects anomalous patterns of activities, unintentional errors and intentional misstatements across datasets. The platform automates ingestion and analysis of data, learns from user interaction, and incorporates a hybrid of machine learning and artificial intelligence algorithms. It generates a 'risk score' across entire datasets and presents results through a user interface designed to increase the effectiveness of analysis. Led by CEO Eli Fathi and based in Ottawa, the company has over 125 customers in six countries. MindBridge raised $8.4M in a Series A to accelerate the scale-up of operations and expand globally. The funding is intended to support the company's global expansion and operational scale-up.

Total raised

$98M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2023