Mindtrace raises $3M funding, led by Skylake Capital
22nd February 2021. Manchester, UK
- Mindtrace raises $3m from Skylake Capital, Bloc Ventures and Mercia Asset Management
- Marcos Battisti (Skylake Capital) and Michael Dimelow (Bloc Ventures) join the board
- Mindtrace’s Brain-Sense™ technology drives operational efficiencies for large enterprises
- The company looks to expand into asset inspection, security and smart device segments
Mindtrace, a leading AI software solutions provider enabling enterprises to accelerate model building and deployment of ‘dynamic’ AI today announced a $3 million investment led by Skylake Capital, with participation from Bloc Ventures and existing investor Mercia Asset Management. This funding will support Mindtrace’s mission to accelerate its product roadmap and bolster go-to market capabilities, including strategic partnerships. Marcos Battisti of Skylake Capital and Michael Dimelow of Bloc Ventures have joined the Company’s board of directors.
Founded in November 2017, Mindtrace’s mission is to deliver ‘brain-inspired’ AI solutions that enable customers to maximally exploit the functionality and performance of Brain-Sense™ technology to reduce costs and enhance end-product and service capabilities. Leveraging Mindtrace’s Brain-Sense™ technology, enterprises drastically improve their operation efficiencies and generate new revenue opportunities through product and service differentiation.
Marcos Battisti, General Partner at Skylake Capital, added:
“Mindtrace is a true innovator in a rapidly emerging new market dynamic. The company has developed a platform offering a unique combination of capabilities which include few-shot learning and federated learning. These capabilities are crucial to the democratization of artificial intelligence (AI). The solution is also a key technology to enable new AI capabilities at the edge.”
Sir Hossein Yassaie, chairman of the board, Mindtrace further commented:
“Deployment of continuous learning AI technology, capable of learning on multiple platforms and sharing new use case knowledge across enterprise and partner networks, with minimal data labeling and AI model rebuilding requirement, is a major advantage for enterprises to embrace in order to remain competitive in the age of digital transformation.”
Ashwin Kumaraswamy, Investment Director at Mercia said;
”As Mindtrace’s seed investor we are delighted to take part in this latest round welcoming two new partners to the syndicate, both of whom have significant value to add. AI is a hugely important sector to Mercia, Mindtrace is a great example which is bringing a novel brain inspired AI technology platform to make machines dynamically think and learn continuously in a human like manner. ”
Mike Dimelow, CCO at Bloc Ventures, commented:
“Venture capital and the technology titans have poured billions into AI over the past decade or so, driven by innovators that are seeking out ways to help humans make better decisions or automate repetitive tasks. We are now entering an era of AI where teaching computers to learn and cognitively process like a human is the next logical step on the world’s technology roadmap. Mindtrace has been working on this challenge for over five years, so we’re thrilled to partner with the team and to see whether they can make unsupervised learning a reality.”
Hoon Chung, CEO of Mindtrace said:
“This novel technology enables a set of new possibilities that minimizes the need for large amounts of labeled data and allows for faster learning and more intelligent A.I. that adapts to changing real-life conditions. We are excited to work with Skylake Capital and Bloc Ventures as our global partners for growth.”
Mindtrace builds brain-inspired AI software that enables enterprises to enhance model accuracy and reduce deployment cycle time for use case specific AI capabilities in their respective markets and verticals. Mindtrace flagship technology, Brain-SenseTM leverages unlabeled data to improve the accuracy of AI models, thus reducing dependency on large sets of labeled data. Additionally, post-deployment, Mindtrace provides capabilities to learn new use-cases from only few references examples and share this new knowledge to devices and platforms.
About Skylake Capital
Skylake Capital is a venture capital fund exclusively focused on early stage (predominantly Seed and Series A) investments in enterprise IT infrastructure startups across Europe and Israel. The fund’s key focus areas include data & cloud infrastructure, machine learning & artificial intelligence infrastructure, cyber security and development tools. Skylake Capital partners with entrepreneurs to increase their chance of success by sharing the team’s deep expertise in commercializing complex and core technology and by providing access to a network of potential customers, strategic partners and downstream investors & acquirers.
About Bloc Ventures
Bloc Ventures is a permanent venture capital company that thinks differently about investing and scaling deep tech companies. We are passionate about supporting and growing the next generation of early-stage technology businesses across Europe.
About Mercia Asset Management
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£872million of assets under management and, since its IPO in December 2014, has invested c.£106million into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC “MERC”.