The AI system developed by Mind Foundry uses large datasets, including 9 billion miles of telematics trip data, sensor measurements, and dashcam accident footage, to find links between cognitive decline and road accidents. The system can flag cognitive decline in older drivers before it becomes dangerous, potentially leading to more personalized insurance plans with lower premiums for those whose driving behavior doesn't exhibit risky patterns. The startup is also working on AI tools to assess other driving issues and evaluate risks in public infrastructure.
Key takeaways:
- Mind Foundry, an AI startup, has raised $22 million in funding to help insurers decide which drivers should be covered. The startup's AI tools are used to detect cognitive decline in older drivers to aid in predicting and preventing accidents.
- The startup's AI system was developed with large datasets, including 9 billion miles of telematics trip data, sensor measurements, and dashcam accident footage, to understand and underwrite risk.
- Aioi Nissay Dowa Insurance Co., an Asian insurance giant, is currently piloting Mind Foundry’s system with 2 million older drivers in Japan. The system could lead to more personalized insurance plans with lower premiums for those whose driving behavior doesn’t exhibit risky patterns.
- Mind Foundry is also working to assess the risks of AI for autonomous vehicles, shifting from the current system of looking at drivers’ individual liability to looking at risk from the vehicle and its software across the fleet.