Startup
MindBridge
AI risk analytics from Ottawa that scores every journal entry and transaction for audit firms and enterprise finance teams, used by KPMG and BDO.
| Founded | 2015, Ottawa, Canada; headquarters at 80 Aberdeen Street, Ottawa |
|---|---|
| Founders | Solon Angel founded the company in April 2015; Eli Fathi, chief executive in the early years, is chairman; Les Rechan, former Cognos and IBM Business Analytics executive, has been CEO since April 2026 |
| Stage | Private; growth-equity backed by PSG Equity, with PeakSpan Capital and Real Ventures |
| Total funding | More than $45m raised by June 2019, including C$14.5m from the Government of Canada, followed by PSG Equity’s US$60m investment in 2023, of which US$15m went to the company |
| Last round | US$60m from PSG Equity, made in April 2023 and announced in January 2024, for recapitalisation, market expansion and general corporate purposes; US$15m was new money for the company and the rest bought existing shareholders’ stock, at a C$200m valuation |
| Earlier rounds | Series B plus a Government of Canada Strategic Innovation Fund investment, $29.6m combined, June 2019; Series A, $8.4m, May 2018, led by Real Ventures with Reciprocal Ventures, National Bank of Canada, The Group Investment and 8VC; seed round June 2017 |
| What it does | Analyses 100% of journal entries and financial transactions with an ensemble of statistical models, business rules and unsupervised machine learning, and ranks what needs review with an explanation for each flag. Audit firms use it for risk assessment, journal entry testing and risk-based sampling (Augmented Assurance); finance teams use Financial Close Oversight and Spend Integrity Oversight. September 2026 added Agentic Risk Assessment for auditors, an Analysis Designer Agent and an MCP server for AI assistants |
| Traction | KPMG deploys it across its global audit platform in more than 60 countries; customers include BDO, Buzzacott and MNP; BDO UK began expanding it across its audit practice in June 2026, and it also works with BDO Norway and BDO South Africa; more than 250 billion transactions analysed across 43,000 organisations; partnership with Fieldguide in August 2026 |
| Pricing | Not published; demo on request |
| Markets | Used in more than 50 countries; sells to audit and assurance firms and to enterprise finance teams, with sector focus on oil and gas, manufacturing and retail |
| Peers | DataSnipper, Caseware, Inflo, Fieldguide, CoCounsel Audit & Accounting |
Funding
- Announced rounds
- US$60m plus C$15.1m in two rounds
- Latest round
- Growth investment, US$60m, January 2024, led by PSG Equity
- Valuation
- Valued at C$200m in January 2024, at its growth investment round
What was MindBridge's last announced valuation?+
MindBridge was valued at C$200m in January 2024, at its growth investment round.
Why it matters
MindBridge runs inside KPMG’s audit platform in more than 60 countries and across BDO UK’s audit practice, so many finance teams already meet its risk scoring through their external auditor. It sells the same full-population analysis directly to CFOs and controllers for close and spend oversight.
Accountio coverage
AI Audit Software Compared: DataSnipper, Inflo, CoCounsel, MindBridge and Caseware
Part of Accountio’s accounting technology coverage.
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