Ottawa-based MindBridge AI has raised an $8.4 million Series A led by Montreal-based Real Ventures.
The round, which was first reported by the Globe and Mail, includes participation from New York-based Reciprocal Ventures, National Bank of Canada, Toronto’s The Group Investment, and San Francisco-based 8VC.
“Through discussions with customers, regulatory bodies and the investment community, it is evident that MindBridge’s AI platform is solving real problems across multiple sectors,” said Eli Fathi, CEO of MindBridge. “This new round of financing will be deployed to accelerate the scale-up of MindBridge’s operations, further increasing its market leadership position.”
Mindbridge’s flagship product offering is the AI Auditor, which examines data for accountants and pinpoints entries that should be investigated. The company currently has over 125 customers in six countries.
In June 2017, Mindbridge raised $4.3 million to expand in other markets. At the time, MindBridge said that it planned to generate $100 million in revenue in four years, and file an IPO within five years. It also wants to have 1,000 organizations using Mindbridge by 2019.
To date, Mindbridge has raised $15 million in financing.