AI software start-up Mindtrace has raised £2.1 million investment.
The Manchester-based firm’s ‘brain-inspired’ technology claims to improve the accuracy of artificial intelligence models and reduce time to deployment.
The funding round was 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.
It says enterprises using its Brain-Sense product can drastically improve their operation efficiencies and generate new revenue opportunities through product and service differentiation.
“Mindtrace is a true innovator in a rapidly emerging new market dynamic,” said Marcos Battisti, General Partner at Skylake Capital.
“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 democratisation of artificial intelligence.
“The solution is also a key technology to enable new AI capabilities at the edge.”
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.”AI