OttawaInc: MindBridge Ai: Disrupting Financial Audit with AI Innovation

May 4, 2018

According to the Association of Certified Fraud Examiners (ACFE), current tools and processes only detect 4% of fraud incidents. No one knows exactly how much money is lost due to fraud as there are so many factors involved in calculating that amount. However, ACFE experts have calculated that, globally, it is likely more than $3 trillion annually.

Solon Angel set out to address this challenge. He proposed using artificial intelligence to analyze the complete financial dataset as opposed to existing, traditional methods. With a focus on this concept, he founded Squanto Inc. Leveraging his deep knowledge of corporate governance and risk, Solon started to approach prospective customers to discuss this concept. Based on market feedback, he realized that a strong management team and more operational experience would be required to translate his concept into a market-ready product and sustainable business.

Solon reached out to his mentor, seasoned tech veteran Eli Fathi, for guidance. Recognizing the significance of this market opportunity, Eli joined as a full-partner and CEO to provide the leadership needed to take this company to the next level. This involved building the processes for growth, and enlisting experienced leaders to join the team. He recruited Jim Fagan, a multi-faceted professional with more than 25 years of experience and Robin Grosset, CTO, a pioneer in AI and former Chief Architect of IBM Watson Analytics.

Moving rapidly to the next stage of growth, the company expanded the breadth and depth of its operational engine with Chris Corman managing the development team; John Colthart and John Bednarek leading sales and marketing; John Craig guiding the solutions delivery team and Kelsey Trevor managing Human Resources. To better convey its market positioning and value proposition, company changed its name and branding to MindBridge Ai.

MindBridge Ai has created a novel artificial intelligence platform that addresses the needs of the FinTech and RegTech markets. Regarded as a leader in its space, MindBridge products are recognized worldwide for the rapid detection of anomalous activities in a fraction of the time. They are also recognized for equipping clients with deeper insights to make sound business decisions, resulting in a more effective financial audit.

MindBridge leveraged Invest Ottawa’s entrepreneurship program from 2015 to 2016. During this time, the company benefited from a variety of venture development services, including incubation space, mentorship, facilitated introductions to senior government officials, guidance on grant programs, and connections to early angel investors. Since graduating from the Invest Ottawa incubator, MindBridge has flourished. The company has:

  • Raised $15 million in financing from seed, Series-A, and non-dilutive funding;
  • Signed more than 125 customers in six countries within the first 12 months of product availability; and
  • More than doubled its workforce over the last 12 months.

MindBridge aims to be ready for an initial public offering by 2021.

 

“Invest Ottawa has been instrumental for MindBridge Ai’s growth, especially during our incubation phase. This support allowed us to attract and build an excellent and dedicated team. It also helped us to raise critical seed funding that provided a jump-start to our solution, driving a much-needed change in the fintech industry.

– Eli Fathi, CEO, MindBridge Analytics

 

Mindbridge Ai Team Photo

In addition to attracting notable clients such as the BDO USA, Kingston Smith in the U.K. and the Bank of England, MindBridge Ai has also received accolades across the industry. This includes Accounting Today which recently named MindBridge’s Ai Auditor platform as 2018 top new product – ‘audit tools’. PwC Canada selected MindBridge as a finalist for their 2018 Vision to Reality Awards in the “Visionary” category, and Deloitte named MindBridge Ai as one of Canada’s Companies-to-Watch in 2017.

MindBridge is at the forefront of innovation. The company is now demonstrating even greater leadership to promote the role of AI in Canada by hosting IMPACT AI, Ottawa’s first AI conference. This event will facilitate dialogue among public, private and academic leaders, and help to catalyze strategic growth in this exciting and ever-expanding field.

It is no wonder MindBridge Ai is capturing global attention, headlines and investment. This Ottawa firm is empowering people with greater insight, and rapidly detecting anomalies in financial datasets before they have a broader impact on society. MindBridge Ai is a disruption that is welcomed around the world.

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