Backers included Cambridge Innovation Capital and range of investors including insurance companies QBE and Starr.
The company is using the funds to increase data science and engineering capacity.
Led by Richard Hartley, CEO, Cytora has built a risk engine applying artificial intelligence to identify patterns of good and bad risks over time, allowing commercial insurers to target, select and price risk more accurately. Created from an idea nurtured by the University of Cambridge’s Judge Business School Accelerate Programme and initially supported by Cambridge Enterprise, the University’s commercialisation arm, the technology enables insurers to achieve improved loss ratios and premium growth, whilst delivering fairer prices to customers.
The company’s team has taken natural language processing techniques and machine learning technology developed at the University of Cambridge and applied them to commercially relevant applications for the insurance industry.
The funding comes as Cytora prepares to deploy its Risk Engine internationally across property and casualty lines with a core group of insurers. For the past year, the company has been working selectively with a consortium of commercial insurers including QBE, Starr and XL Catlin to embed its technology.