PSG Equity propels MindBridge’s global growth with hefty $60m investment

Founded in 2015, MindBridge is a Canadian company based in Ottawa, regarded as the world’s leading artificial intelligence (AI) powered financial risk discovery platform.

MindBridge recently secured $60m in investment from US growth equity firm, PSG Equity, based in Boston, according to a report from Betakit. This significant funding will be instrumental in bolstering MindBridge’s global expansion plans.

MindBridge provides a unique platform utilising AI to aid auditors, accountants, and financial professionals in detecting fraud and accounting irregularities. Its clientele spans across the accounting, advisory, enterprise, government, and finance sectors, offering unparalleled assistance in illuminating potential financial risks.

The company has stated that the fresh investment from PSG Equity will be allocated for “general corporate purposes”. However, no further specifics about these corporate activities have been publicly disclosed.

This latest investment comes amidst significant leadership changes at MindBridge. Founding member and Chief Development Officer, Solon Angel, along with CEO Leyton Perris, have both left the company. Bill Hewitt, a senior advisor with PSG Equity and an experienced software executive, has been appointed as the interim CEO while the firm scouts for a permanent successor.

Previously, MindBridge amassed an impressive total of $29.6m CAD in a blend of federal and venture capital funding around four years ago. This funding round incorporated a $15.1m Series B round backed by PeakSpan Capital, Real Ventures, National Bank, The Group Ventures, and Reciprocal Ventures, and a $14.5m investment from the Government of Canada’s Strategic Innovation Fund. Up to 2019, the company reported having raised over $45m in total.

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