Mindway AI secured $600k from Better Collective

Denmark Investments 23 September 2019
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Mindway AI, an Aarhus, Denmark-based company developing software solutions helping identify problem gambling behaviour, announced that it secured a DKK 4M ($600k) capital investment round.

The funding was provided by the gaming operator Better Collective, which will control 20% of the company. The deal also involves that under certain performance-based conditions, the company will also acquire the remaining shares at a price of DKK20m (approx. US$2.94m). At the same time, Better Collective provided another DKK 4M DKK as a loan to the company.

Following the deal, Mindway AI will operate as a stand-alone business within the Better Collective Group as its solutions are not directly related to its core business. Better Collective will join Mindway AI’s Board of Directors.

Mindway AI, founded as spin-off from the Institute for clinical medicine at Aarhus University and led by CEO Svend Aage Kirk, creates and provides software solutions to identify at-risk gambling and problem gambling behaviour among online bettors, based on neuroscience and artificial intelligence.

The company currently works with betting operators, platform providers, regulators, and governments to provide early detection and intervention solutions for safer gambling. Mindway AI is now entering the commercial stage, and the first solutions are already installed and in operation with customers.