Ottawa AI startups Solink and MindBridge have successfully raised $60 million each in funding to accelerate their global expansion plans. The two companies, specializing in artificial intelligence software, are poised for significant growth in the global market.
Solink Corp., a video surveillance software company, secured its funding from Goldman Sachs Asset Management, as well as previous investors OMERS Ventures and BDC IT Ventures. The company has experienced substantial growth over the past three years, expanding the use of its technology to 18,000 locations worldwide. Solink’s customer base includes well-known brands such as Tim Hortons, Dollar Tree, T-Mobile, Nike, Chick-fil-A, Gap, and Lululemon. The company’s software enables businesses in various industries, including restaurants, manufacturing, property management, and healthcare, to upload and analyze video feeds from their existing security cameras on cloud servers. By utilizing artificial intelligence-powered software, Solink’s technology can integrate with other business tools to track fraud, theft, and adherence to procedures, providing a modernized and efficient solution for its customers.
On the other hand, MindBridge Analytics Inc., which specializes in leveraging artificial intelligence software to help auditors detect fraud and accounting anomalies, raised its $60 million funding from Boston growth equity firm PSG Equity LLC. The company has also appointed Bill Hewitt, a veteran software executive, as its interim CEO. The financing includes $15 million for MindBridge’s operations, with the remainder allocated for buying shares from investors. This funding round values the company at around $200 million, double the level of its previous raise in 2019. MindBridge has made significant strides in recent years, securing a global deal with accounting giant KPMG International Ltd. and experiencing a six-fold increase in annual revenues under the leadership of Leyton Perris, its former CEO.
The successful funding rounds for Solink and MindBridge highlight the strong demand from private investors to support tech companies that demonstrate solid financial health and robust revenue growth. Solink’s CEO, Mike Matta, emphasized his company’s focus on improving unit economics and its commitment to profitability. Solink, with over 800 customers and more than 300,000 connected cameras, has achieved profitability excluding marketing spending and ensures that new clients achieve a positive return on investment within 30 days of using their subscription-based product.
Both Solink and MindBridge are well-positioned to capitalize on the growing demand for innovative AI solutions in their respective industries. As the global market for cloud-connected security cameras continues to expand by 80% annually, Solink’s ability to provide comprehensive and easily accessible video surveillance software positions it as a leader in the evolving industry. Meanwhile, MindBridge’s AI-driven software has gained recognition for its ability to assist auditors in identifying irregularities and conducting thorough corporate audits. The company’s partnership with KPMG further validates its potential as one of Canada’s most promising AI companies.
The successful funding rounds for Solink and MindBridge not only provide them with substantial capital to fuel their expansion plans but also reflect the confidence of investors in their ability to deliver continued growth and innovation. These Ottawa-based AI startups are poised to make a significant impact on the global stage and serve as pioneers in their respective industries. With their strong financial footing and dedicated teams, Solink and MindBridge are set to make waves in the ever-expanding realm of artificial intelligence.
