Artificial Intelligence start-up secures £1.3m investment

Simon Austin's picture
by Simon Austin
MindTrace

A Manchester start-up which is pioneering the next generation of artificial intelligence systems has raised £1.3m from Accelerated Digital Ventures and the Northern Powerhouse Investment Fund.

MindTrace is developing intelligent machines capable of ‘unsupervised learning’ and could have applications including data management, cyber security and systems for autonomous vehicles.

It brings together Professor Michael Denham, Dr Kameliya Dimova, Professor Steve Furber and Sir Hossein Yassaie, the former CEO of chipmaker Imagination Technologies plc, as chairman.

Ashwin Kumaraswamy, Investment Director at Mercia Fund Managers which manages NPIF – Mercia Equity Finance, said: “In MindTrace, we have brought together some of the world’s leading authorities who have transformed the computing and electronics industry and are now set on a new mission – to make machines think like humans.

"This revolutionary new technology will have the potential to solve some of the major real-life challenges society will face in the years ahead, but it will take time to develop and require support at each stage. As investors, we are committed to working with them over the longer term.”

Michael Dimelow, Head of Investment at ADV, added: “MindTrace represents a landmark opportunity to define the artificial intelligence industry through the development of unsupervised learning. Truly unsupervised machine learning has never been achieved and its potential to change society, business and the world is infinite. 

“This combined with a team of global sector leaders based in Manchester – the original home of computers – is an extraordinary recipe. We’re really excited to support the company’s growth going forward.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.