Mindtrace develops "brain-inspired" AI software for enterprise, centered on its Brain-Sense™ technology. The company says Brain-Sense™ minimises the need for large amounts of labeled data, enables faster learning, and allows AI to adapt to changing real-life conditions. The recent funding will accelerate Mindtrace's product roadmap and go-to-market activities, including forming strategic partnerships. Mindtrace raised a $3 million investment led by Skylake Capital, with participation from Bloc Ventures and existing investor Mercia Asset Management. Marcos Battisti of Skylake Capital and Michael Dimelow of Bloc Ventures have joined the board of directors. The company was founded in November 2017 and is based in Manchester. MindTrace develops software algorithms that mimic the human brain to enable machines to teach themselves via unsupervised learning. The company is advancing a collision-avoidance system intended to deliver faster response times, improved performance in poor lighting, and lower power and bandwidth requirements. Its technology is positioned for a range of applications including data management, cyber security and, primarily, systems for autonomous vehicles. MindTrace plans to use recent funding to recruit an R&D team and a chief executive and to develop a prototype in collaboration with a major car manufacturer. The company brings together Professor Michael Denham and Dr Kameliya Dimova, alongside Professor Steve Furber, and is chaired by Sir Hossein Yassaie. MindTrace is based in Manchester, UK.

Total raised

$5M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2021