London based Cytora’s AI-powered commercial insurance underwriting solution got a fresh round of Series B funding of a little over $32 Million.
Cytora’s principal investor has been EQT Ventures with the remainder of funding coming from –
- Cambridge Innovation Capital
- Parkwalk
- Several (unnamed) angel investors
Cytora believes that EQT is the perfect investment partner as the latter holds expertise in scaling businesses rapidly.
The funding will be used to accelerate Cytora’s product range and to expand its operations in other geographical regions. Last year, the company had expressed a desire to rapidly expand in the U.S.
Richard Hartley, co-founder, and chief executive at Cytora, said: “With this investment, we’re looking forward to widening our impact and helping accelerate the insurance industry’s digital transformation.
“Today, we’re enabling insurers to underwrite at a fraction of the cost of traditional methods and price policies more accurately. Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies.
“The EQT Ventures team brings unrivaled expertise and they’ve supported the growth of some of Europe’s leading businesses. We’re looking forward to partnering with them on the exciting journey ahead.”
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Lyle Fong, partner and investment advisor at EQT Ventures, added: “We’re seeing a radical transformation in insurance, with organizations expecting the same level of simplicity, transparency, and convenience from their business insurers as they’re getting from consumer insurers and digital banks.
“Changing core underwriting processes that have been set for decades is hard, but of all the founders I’ve met, Richard and [co-founder Aeneas Wiener] have the ambition, grit, and drive to do it.”
Cytora’s solution works the best for industries such as construction, finance, and meteorology. The company applies Artificial Intelligence to data, public as well as propriety to assess insurance valuations and pay-outs.
Insurance companies such as QBE, AXA, MS Amlin and Starr and insurers have already adopted Cytora’s capabilities — Insurers have built applications atop Cytora’s APIs enabling customers to buy insurance at the blink of an eyelid, by only using an area code and a business name to get a quote.
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