Artificial Labs Raises £8M in Series A+ Funding

Artificial Labs

Artificial Labs, a London, UK-based algorithmic underwriting insurtech company, raised £8M in Series A+ funding.

The round was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV.

The company intends to use the funds for product development and continued expansion.

Led by co-CEOs David King and Johnny Bridges, Artificial Labs uses cloud-based tools and machine learning techniques to give commercial insurers and brokers the control of their data. Through its data extraction and transformation techniques, it facilitates fully automated, algorithmic underwriting. Its system allows end-to-end data flows, integrations, policy management and contract builders, all within one automated platform.

In August 2023, Artificial announced its Smart Follow collaboration with insurer Apollo, which has since gone live in the London Market for several lines of business including Marine Hull, General Aviation and Marine Cargo. The company also launched its new broker tool, Contract Builder, to the market through its strategic partnership with Lockton in the UK in late 2023 and Placing Platform Limited in January 2024. The tool can be tailored to brokers’ requirements and generates configurable, structured and Lloyd’s Blueprint Two-compliant contracts.

Commenting on the news, David King said: “Our latest funding round is a testament to the exciting work we’re doing at Artificial. We are thrilled to have the expertise and support of the Augmentum team and our committed existing investors on this next phase of our journey. This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space. In 2024 we will further the development of our underwriting platform, exciting AI solutions and our Contract Builder product, which is already seeing great traction in the market.”