ADV and Mercia inject £1.3m into MindTrace

The fresh capital will enable the business to recruit a research and development team and a CEO, in addition to investing in product development in collaboration with an unnamed car manufacturer.

Mercia drew equity from its Northern Powerhouse Investment Fund, NPIF Mercia Equity Finance, to support the transaction. Mercia won the contract to manage the British Business Bank-backed vehicle in February 2017.

As part of the deal, Imagination Technologies CEO Hossein Yassaie has been appointed chairperson of MindTrace.

According to a statement, the business is preparing for a series-A investment round, which will fund the launch of its collision avoidance system for autonomous vehicles.

Company
Manchester-headquartered MindTrace is an AI company that develops software capable of unsupervised learning. It is currently focusing primarily on the autonomous vehicles sector, and is developing a collision-avoidance system. Its systems are also likely to be used in data management and cybersecurity.

People
Mercia Equity Finance – Ashwin Kumaraswamy (investment director).
Accelerated Digital Ventures – Michael Dimelow (head of investment).
British Business Bank – Ken Cooper (managing director).
MindTrace – Michael Denham, Kameliya Dimova (founders).

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