Mind Foundry

Mind Foundry offers ML-/AI-powered solutions for underwriting, detecting fraud, and telematics within the auto insurance industry. It also provides solutions for the government, public sector, as well as defense and security industries.

 The company has developed an AI system to enhance the understanding and underwriting of risk associated with auto insurance, which could result in more personalized insurance plans with cheaper premiums for those whose driving behavior does not reflect unsafe patterns. This system identifies direct correlations between cognitive decline and road accidents and leverages extensive datasets, encompassing nine billion miles of telematics trip data, sensor measurements, and dash-cam accident footage. The product was undergoing pilot testing with over two million elderly clients of Aioi Nissay Dowa Insurance Co. in Japan as of October 2023.

Moreover, Mind Foundry has developed additional AI tools to address various driving issues. These tools include the detection of personal vehicles used for commercial deliveries, the identification of fraudulent claims through Natural Language Processing (NLP), and real-time detection of vehicle crashes combined with telematics data to facilitate the prompt dispatch of emergency services.

Fundings and financials  

In October 2023, the company raised USD 22 million in Series B funding that saw participation from a consortium of investors includingAioi Nissay Dowa Insurance, Parkwalk Advisors, and the University of Oxford. However, the company did not disclose the use of proceeds.