PeppercornAI raises £3.25M to help insurance keep up with AI

Insurtech PeppercornAI has raised £3.25M in a round from Wealth Club, EHE and Angels Invest Wales.

Despite a downturn in investment into UK fintech and insurtech, the round was oversubscribed. In April 2022, the company secured £1.8m in seed funding from EHE Capital.

The Cardiff-based company uses conversational AI (chatbots) to reduce operating costs, better protect risk and deliver a better customer experience, which is offered through its SaaS platform Pipr.

The funding will be used to further develop the company’s conversational AI platform and support the pipeline of B2B demand in the UK and from overseas.

Nigel Lombard, CEO and Founder of PeppercornAI commented:

“The insurance industry has barely changed since insurance started being sold online thirty years ago. Technology, specifically AI, has the potential to completely change the way consumers buy and manage their insurance policies and can also deliver significant benefits to providers at the same time.

“However, as an industry that’s historically been slow to adopt technology, insurance providers are worried about keeping up with the pace in which AI is developing. That’s where PeppercornAI comes in. Our team of insurance experts has built and proven a new model that allows providers to unlock the benefits of the technology now, can be integrated seamlessly and quickly, and ensures their businesses aren’t left behind. My thanks for the continual support of EHE Capital, to Angels Invest Wales and for the brilliant team at Wealth Club for making the raise so successful.”

Gayle Bowen, Head of Direct company investments at Wealth Club said:

“We believe PeppercornAI has the potential to transform the insurance industry and it became clear to us that Nigel and his team were the people to do it given their deep sector knowledge and network. The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics significantly contributed to their success in securing investment.”