Mind Foundry, a developer of AI-powered underwriting solutions for the auto insurance industry, has raised USD 22 million in Series B funding, with participation from Aioi Nissay Dowa Insurance, Parkwalk Advisors, and the University of Oxford, bringing the total funds raised by the company to USD 44 million.

Founded in 2016, Mind Foundry has developed an AI system that identifies direct correlations between cognitive decline and road accidents. It leverages extensive datasets, encompassing nine billion miles of telematics trip data, sensor measurements, and dash-cam accident footage to enhance the understanding and underwriting of risk. 

Currently, the product is undergoing pilot testing with over two million elderly clients of Aioi Nissay Dowa Insurance Co. in Japan, which could result in more personalized insurance plans with cheaper premiums for those whose driving behavior does not reflect unsafe patterns.

In addition, Mind Foundry has built other AI tools to assess other driving issues such as those detecting use of personal vehicles for commercial deliveries. It also offers tools for assessing risks in other industries, such as public infrastructure and climate change issues.