Sunday, July 22

Robot auditor from Canadian AI startup raises $8.4mn

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Ottawa-based MindBridge Analytics raised $8.4 million in its Series A Financing, led by Real Ventures of Montreal with participation from Reciprocal Ventures out of New York, National Bank of Canada, The Group Investment from Toronto and 8VC of San Francisco.

Combined with last year’s seed round, the company has raised $15 million in financing to date.

MindBridge has an AI platform that automates the ingestion and analysis of data and learns from user interaction, incorporating a hybrid of machine learning and artificial intelligence algorithms,  to generate a risk score across the entire dataset, according to a company statement.

By applying machine learning and artificial intelligence technologies, the platform detects anomalous patterns of activities, unintentional errors and intentional misstatements. It’s used by  CPA firms, enterprises, governments and regulators.

Using the MindBridge Ai-Auditor, organizations across multiple industries can minimize financial loss and reduce corporate liability.

Since releasing its flagship Ai Auditor in March 2017, MindBridge Ai has signed over 125 customers in six countries and doubled the size of its workforce.

The company has also teamed up with Canadian thinktank Digital Finance Institute for financial crime and anti-fraud analysis services online called CoinWatch expected to be launched this year.

CoinWatch will address best practices and use listings and rankings to analyze digital currency coins and digital currency financial services, with the intent of combatting financial crime involving digital currency financial transactions and new coin and token offering and listings.

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