London AI platform raises £1.65m to “bring knowledge economy into 21st century”

Mindset AI, which helps businesses within the knowledge economy to digitise their services and scale their expertise, has raised £1.65m from Mercia and angel investors.

The software-as-a-service (SaaS) firm enables businesses such as management consultancies and professional services firms to customise, brand and launch their own digital platforms.

Mindset AI claims to be the “only product of its type” that incorporates machine learning and AI to personalise users’ experience, drive engagement and increase behaviour change outcomes. The London based company claims that 61 per cent of its app users are still engaged 30 days after they first use it, compared to just 10 per cent with other apps.

Mindset AI was founded in 2020 by Barrie Hadfield, a serial tech entrepreneur who previously founded and sold two SaaS businesses, SkyDox and Workshare. The company now employs 35 staff. The funding will enable it to expand its team with several key appointments, boost its sales and marketing activity and further enhance the platform.

Jack Houghton, chief product officer at Mindset AI, commented: “Consumers have moved dramatically towards online channels, and companies and industries must transform the way they currently deliver services. Digital and corporate strategies have quickly become one and the same.

“People now expect everything to be accessible online, however, 90 per cent of businesses do not have the capability to build their own digital infrastructure. Mindset aims to bridge that gap by giving people the tools they need to create their own digital business, allowing them more time to focus on the people and customers who count.”

Mercia was investing from its EIS funds. Srikar Karri, investment manager at Mercia, added: “The pandemic created a step change in terms of technology and many companies are seeking ways to adapt their business model to the new digital age.

“Mindset allows them to create personalised connections with customers and rethink the way they deliver services - for example, moving from time-based contracts to predictable recurring revenue. The funding will enable the team to further develop their product and scale the sales and marketing teams.”

By Matthew Neville – Correspondent, Bdaily

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