AI auditing startup MindBridge gets $14.5 million from Ottawa’s Strategic Innovation Fund

Ottawa-based MindBridge Analytics, an artificial intelligence (AI) company for accountants auditing financial data, will receive $14.5 million from the federal government’s flagship Strategic Innovation Fund (SIF).

The Logic reporter Murad Hemmadi spoke with Innovation Minister Navdeep Bains—an accountant by training—about the investment in MindBridge, and the future of the $2.51-billion SIF, which is supposed to help cutting-edge Canadian companies compete globally.

What the money is for: Expanding the technology to financial services organizations in banking and insurance over the next 12 to 18 months. The company has already signed up some clients in the industry, including the Bank of England and Payments Canada, according to MindBridge CEO Eli Fathi. It is also looking at sectors like energy.

What MindBridge is promising: A $140.8-million investment over seven years, and 200 new jobs by 2030.

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