A rapidly growing Ottawa artificial intelligence firm is one of just six Canadian companies to make a major list of the world’s most promising tech enterprises, joining an elite group of past honourees that includes Google and Twitter.
MindBridge Ai – which has landed tens of millions of dollars in venture capital and is considered one of the country’s biggest IPO prospects – has been named to the World Economic Forum’s list of 100 technology pioneers from around the world. The ventures on the list are recognized for new technologies that could have a significant impact on business and society.
Founded in 2015, MindBridge makes fraud-detection software that can read years of audit reports in a fraction of the time it would take a single set of human eyes.
The firm, which now employs more than 100 people, counts the Bank of England, Payments Canada and a major North American bank among its more than 300 customers. Last fall it announced a pilot project with the Bank of Canada, which is using MindBridge’s artificial intelligence-powered audit platform to monitor transactions in the central bank’s network and improve its existing controls.
MindBridge CEO Eli Fathi will now get the chance to participate in World Economic Forum activities and events later this year. The company will also work with policymakers and private-sector leaders on global technology issues.
“This recognition is confirmation that MindBridge’s solution is transforming how we proactively address areas of risk, fraud and understand patterns in financial data that we couldn’t previously do,” Fathi said in a statement. “We look forward to continued collaboration with the Forum on these critical challenges.”
Earlier this year, MindBridge acquired U.K.-based AI fintech firm Brevis in a bid to gain a stronger foothold in the European market. The firm has attracted more than $40 million from VC investors and in February appeared on the annual Narwhal List of Canada’s biggest IPO prospects.