Secondmind completes funding round at $100m valuation
- British AI company successfully completes Series B funding round at a post-investment valuation of $100m. Backers, including Mandatum Life, Pearson, RB Capital, and Tencent, invested $24m.
- Secondmind’s generalised decision-making AI technology is being rolled out for deployment in transportation & logistics during 2019.
- This investment from a wide range of global and corporate strategic investors will accelerate the product development and application of Secondmind’s Decision Engine.
Secondmind, the decisions company backed by years of research in machine learning, has raised $24m from new and existing investors, valuing the company at $100m. The investors involved in the round include Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, Pearson, RB Capital, SGInnovate, and Tencent.
These strategic partnerships and funds will be used to support Secondmind’s recent product expansion and growth, with the company continuing to expand into a wide range of industry verticals, including finance, logistics and education.
Secondmind continues to define the AI decision-making market, developing the world’s first technology that can help businesses and organisations make better decisions in processing dynamic, real-time data in complex and uncertain environments.
Secondmind’s core platform, the Decision Engine, is being applied to managing logistics decisions, allocating resources, and assisting financial decisions in asset management. It is founded on a unique, integrated approach – combining branches of mathematics, engineering and economic theory. While traditional approaches to problem-solving often rely on machines learning from vast, historic data sets, Secondmind’s engine is data efficient, and learns in real-time.
Based in Cambridge, one of the world’s leading centres of AI research, Secondmind has built a world-class team of mathematicians and engineers.
Vishal Chatrath, Co-founder and CEO of Secondmind, said: “This investment is a huge sign of confidence in our efforts to be at the forefront of how enterprises use machines. Having initially focused on developing our AI platform, we are excited to be expanding our product offering into new verticals, underscoring the flexibility and innovative nature of our core technology. We’re excited to be supporting global corporate and financial leaders like Mandatum Life, Pearson, RB Capital and Tencent with AI tools that enable people to make better decisions.”
Kishin RK, CEO of Singapore based RB Capital Group, said: “RB Capital has been making a number of strategic investments in cutting edge, transformational technologies that will revolutionise how we understand consumers in the business of real estate, hospitality and retail. Implementation of the Decision Engine will ensure we lead efficiency, stay relevant and remain at the helm of emerging business and consumer trends.”
Dr Ling Ge, Chief European Representative at Tencent, said: “The UK is a global leader in AI and is increasingly becoming a focus for companies looking to invest in the sector. Secondmind’s data-efficient approach and focus on human-machine teaming really set it apart. We are looking forward to Secondmind applying its AI decision platform to a broadening range of customers, potentially including some of Tencent’s affiliate companies.”
Lauri Vaittinen, SVP at Mandatum Life added: “Secondmind is on its way to becoming a true enterprise AI platform — successfully expanding from its initial focus on financial services and logistics to apply its core AI technology to multiple adjacent market segments. We are confident that the strategic partners, alongside the existing funding support, will help the company accelerate practical implementations – including hiring more engineering talent, operational managers and reinforce the product development expertise.”
Secondmind was founded by mathematicians and engineers following years of research into machine intelligence, probability theory and multi-agent problems.