Penningtons Manches Cooper advises AI spin out on Series A investment

The corporate team at Penningtons Manches Cooper has advised Mind Foundry, an Oxford-based artificial intelligence company, on its Series A investment.

The funding round, which closed at over £10 million, was led by Aioi Nissay Dowa Insurance (ANDI) of the MS&AD Insurance Group and brings Mind Foundry’s total funds raised to date to more than £18 million.

Mind Foundry is an Oxford University company spun out from the Machine Learning Research Group. Its founders, Professors Stephen Roberts and Michael Osborne, are globally recognised as two of the leading minds in the field of AI and machine learning. Mind Foundry’s AI platform is designed to help companies solve real world problems with explainable AI solutions that improve over time. In the insurance industry it has the potential to transform numerous areas including accident prediction and prevention. Following a successful project with ANDI’s UK subsidiary Insure The Box, the Mind Foundry’s platform is set to become a core part of the insurer’s digital transformation strategy.

The Penningtons Manches Cooper team comprised corporate partner David Tighe, senior associate Attilio Leccisotti and associate Emma Simmonds.

David commented: “We’ve acted for Mind Foundry since its inception, and it was great to be able to support them on this Series A round. They are a fantastic company, with some of the world leaders in their field, and the arrival of this key strategic partner bodes well for the company’s continued growth.”