Mind Foundry has raised £1.2m in seed funding from private investors and investment company Oxford Sciences Innovation to commercialise the technology.
The company’s technology is based on advanced algorithms and techniques developed by Professors Stephen Roberts and Michael Osborne, who lead Machine Learning research at Oxford’s Department of Engineering Science.
Mind Foundry will build on over 25 years of academic research and applied commercial consulting engagements within the Machine Learning Research Group, a specialist research team within Information Engineering at the University’s Department of Engineering Science.
Stephen Roberts commented: “We live in an era in which the success of organisations and advances in science and technology are increasingly reliant on the fast and accurate analysis of data. But driving these advances is a deluge of data which is outstripping the computational ability to process it, let alone act upon it. We live in an age of big data – but not necessarily big insight. Mind Foundry has the capability to turn this data into actionable insight.”
Michael Osborne said: “Mind Foundry will enable decision-making from insights generated while the data is being created. This will take organisations beyond business intelligence query tools towards predictive modelling. This is particularly applicable to real-time business recommendations, high-frequency trading, or warning of potential problems or maintenance requirements in industrial systems.”
Mind Foundry’s machine learning techniques have been used by leading firms in the energy, financial services, engineering and manufacturing sectors including BAE Systems, Rolls-Royce and Santos.
The Oxford researchers have won multiple awards including the Rolls-Royce Chairman’s Award for Technical Innovation, the BAE Systems Chairman’s Award and the Google Impact Challenge.
Chief Executive David Pool joins the company from data insight analytics company Ijento and predictive analytics company i4C. “Mind Foundry’s base in Oxford gives us the opportunity to work with some of the finest talent in Machine Learning,” he said.
Isis Innovation Managing Director Linda Naylor said: “Oxford is recognised as amongst the world’s leading institutions in data analysis. We expect Mind Foundry to be at the forefront of what has been dubbed the ‘algorithm economy’ – the use of algorithms to manage data and guide decision-making.”