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Mindtrace Raises $3 Million Funding, LED by Skylake Capital

Mindtrace raises $3 Million from Skylake Capital, Bloc Ventures and Mercia Asset Management

Mindtrace, a leading AI software solutions provider enabling enterprises to accelerate model
building and deployment of ‘dynamic’ AI announced a $3 million investment led by Skylake
Capital, with participation from Bloc Ventures and existing investor Mercia Asset Management.
This funding will support Mindtrace’s mission to accelerate its product roadmap and bolster go-to-
market capabilities, including strategic partnerships. Marcos Battisti of Skylake Capital and
Michael Dimelow of Bloc Ventures have joined the Company’s board of directors.

Founded in November 2017, Mindtrace’s mission is to deliver ‘brain-inspired’ AI solutions that
enable customers to maximally exploit the functionality and performance of Brain-Sense™
technology to reduce costs and enhance end-product and service capabilities. Leveraging
Mindtrace’s Brain-Sense™ technology, enterprises drastically improve their operation efficiencies
and generate new revenue opportunities through product and service differentiation.

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Marcos Battisti, General Partner at Skylake Capital, added: “Mindtrace is a true innovator in a
rapidly emerging new market dynamic. The company has developed a platform offering a unique
combination of capabilities which include few-shot learning and federated learning. These
capabilities are crucial to the democratization of artificial intelligence (AI). The solution is also a
key technology to enable new AI capabilities at the edge.”

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Sir Hossein Yassaie, chairman of the board, Mindtrace further commented: “Deployment of
continuous learning AI technology, capable of learning on multiple platforms and sharing new use
case knowledge across enterprise and partner networks, with minimal data labeling and AI model
rebuilding requirement, is a major advantage for enterprises to embrace in order to remain
competitive in the age of digital transformation.

Ashwin Kumaraswamy, Investment Director at Mercia said;” As Mindtrace’s seed investor we are
delighted to take part in this latest round welcoming two new partners to the syndicate, both of
whom have significant value to add. AI is a hugely important sector to Mercia, Mindtrace is a great
example which is bringing a novel brain inspired AI technology platform to make machines
dynamically think and learn continuously in a human like manner.

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Mike Dimelow, CCO at Bloc Ventures, commented: “Venture capital and the technology titans
have poured billions into AI over the past decade or so, driven by innovators that are seeking out
ways to help humans make better decisions or automate repetitive tasks. We are now entering an
era of AI where teaching computers to learn and cognitively process like a human is the next
logical step on the world’s technology roadmap. Mindtrace has been working on this challenge
for over five years, so we’re thrilled to partner with the team and to see whether they can make
unsupervised learning a reality.”

Hoon Chung, CEO of Mindtrace said: ” This novel technology enables a set of new possibilities
that minimizes the need for large amounts of labeled data and allows for faster learning and more
intelligent A.I. that adapts to changing real-life conditions. We are excited to work with Skylake
Capital and Bloc Ventures as our global partners for growth.”

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