Founded out of Aarhus University in 2004, Mindway AI builds artificial intelligence-driven tools to prevent problem gambling.
Mindway AI, a Denmark-based problem gambling detection software provider spun out of Aarhus University, has been acquired by online betting social advice exchange Better Collective for an undisclosed sum.
Better Collective exercised an option to acquire 70% of the shares in Mindway AI, adding to an equity investment for just under 20% it made last year.
The remaining 10% is still owned by Mindway AI founder Kim Mouridsen, the head of the Neuroimaging Methods unit at Aarhus University’s Center for Functionally Integrative Neuroscience.
Founded in 2004, Mindway AI provides software that applies artificial intelligence-driven neuroscience models to create a profile of gamblers, identifying impulsive actions that could lead to irresponsible betting and financial difficulties.
The company has multiple products on the market, including a self-assessment test called Gamalyze and an application called GameScanner that screens customers at betting outlets.
The acquisition is intended to help Better Collective’s members keep informed of problem gambling, before their lives are impacted.
Better Collective originally bought into Mindway AI for $600,000 in September 2019 having also injected an equivalent amount in debt.