Mindsmiths, an AI startup based in Croatia, has raised $1.4 million in seed funding to expand its development framework to allow companies to automate advanced and complex tasks.
The funding was provided by VC Investment fund Feelsgood, which specializes in startups looking to fulfill sustainability goals with a positive social impact. This support comes after the startup was awarded the Global Top of AI startups Award by the Alliance for Responsible AI, having competed with other 17 projects from across 10 countries.
Mindsmiths was founded back in 2019 with the mission to change how organizations think of autonomous support systems as a revolutionary technology, to one that also requires high ethical responsibility. The startup achieves this by providing its users with a development framework built around the principles of social impact, the United Nations sustainable development goals, rigorous policies around eligible applications, and the following of the European Union’s guidelines on AI.
Over the past years, the startup has gained a reputation as one of the pioneers in the development of autonomous support systems, a technology that has gained adoption over the past decade. Mislav Malenica, founder and CEO of Mindsmiths, said about the technology’s relevance:
“When your doctor, bank, mobile provider, or educational institution proactively offers you a solution to a problem it has identified, there is a great possibility that it was made possible by an autonomous support system based on Mindsmiths platform. Thanks to this technology, organizations can now provide their users with a smart solution at the right time.”
There have been a lot of ethical concerns around the increasing use of AI in the automation of critical processes. McKinsey’s 2020 Global Survey on AI showed that while more companies are adopting AI than ever, most of them don’t worry about the risks associated with it except when it comes to cybersecurity. Mindsmiths believe that taking care of such risks before its solutions are used by companies, it could help mitigate the potential negative effects of AI.