Concirrus, a London, UK based insurtech company focused on the Marine and Motor Analytics market, raised £5m in equity funding.
The round, which brought the total raised to date to £12m, was co-led by IQ Capital and Eos Venture Partners.
The company intends to use the funds to continue to expand operations and its business reach.
Founded in 2012 and led by CEO Andrew Yeoman, Concirrus is the creator of Quest, an artificially intelligent insurance software platform used by insurers, reinsurers and brokers within global markets. Quest Marine and Quest Motor, which serve the commercial marine and motor insurance markets, respectively, use AI to interpret wide-ranging datasets in real-time. Through integrating with an insurer, reinsurer or broker’s existing system, it then combines this data with historical claims information and uses AI to reveal hidden behaviours that correlate to claims.
This allows insurers, reinsurers and brokers to accurately quantify risk, uncovering new opportunities in their portfolios, reducing losses and boosting profits.