Cytora, a London, UK-based provider of AI-powered solutions for the commercial insurance industry, raised £25m in Series B funding.
The round was led by EQT Ventures, with participation from existing investors Cambridge Innovation Capital, Parkwalk, and a number of angel investors.
The company intends to use the funds to accelerate the expansion of its product suite and scaling into new geographies.
Founded and spun out of the University of Cambridge in 2014 by a team of machine learning scientists, data engineers and strategists, Cytora enables innovative underwriting for commercial insurance via an Cytora API-enabled Underwriting Platform that allows insurers to underwrite more efficiently and deliver fairer prices to their customers.
Led by Richard Hartley, co-founder and CEO, the company applies AI to public and proprietary data, including property construction features, company financials, and local weather – combined with an insurance company’s internal data – to predict risk and ensure transparent pricing.
The software is already being used by some of the world’s largest insurers, including QBE, AXA XL, MS Amlin, and Starr.
In addition, insurers have built new end-to-end quotation applications on top of Cytora’s APIs, enabling business owners to buy policies online quickly, requiring only a business name and postcode to issue a quote.
Cytora also has offices in Sidney, Australia, and Ljubljana, Slovenia.