REDDS Capital: Why we invested in Mind AI
Founding partners of REDDS Capital were blown away by demo
By Stephen Ibaraki and Ronald Shon, founding partners at REDDS Capital
At REDDS Capital, we invest money into startups that we believe could grow into unicorns, meaning they could one day be worth $1 billion or more.
They’re called unicorns for a reason — they’re hard to find. But with Mind AI, we believe we have a unicorn in the making.
In 40 years of dealmaking, we have rarely seen a startup as interesting and promising as Mind AI.
When founders Paul Lee and Joshua Hong flew to Vancouver to pitch their company to us, we were looking for something new in artificial intelligence.
Current applications of AI have produced some impressive capabilities, but their domains are too narrow for most enterprise-level uses. Most AI programs are trained on one specific dataset, and when presented with a new dataset, they have to start their training over from scratch.
As investors, we’re looking ahead to the third wave of AI — the point when artificial intelligence masters contextual adaptation. We’re looking for approaches that move beyond machine learning and neural networks.
When Paul and Josh showed us their demo, it only took 30 seconds for us to see that they have built something truly special. Their reasoning engine can actually think like a human being, using the three types of reasoning (induction, deduction, and abduction). With this ability, their system can allow users to make smart decisions and draw conclusions based on limited data.
When we evaluate an investment opportunity, we primarily look at two things: the team, and their tech. Obviously, we’re impressed with Mind AI’s tech. But we’re also very impressed by Paul and Josh, and the rest of the team they have assembled. They’ve started, grown and sold companies. They know how to run businesses. As good as their technology is, that entrepreneurial experience will be a huge factor in their future success.
The world’s smartest minds and top innovators are racing to break into the the third wave of AI. Bill Gates has said that the company — or companies — that figure out this piece of the AI puzzle will be worth 10 Microsofts. We believe Mind AI is not only close to cracking that puzzle, but has the foundation of a true artificial general intelligence.
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