Cytora, a British startup that provides AI-powered products for the commercial insurance industry, has landed £25 million in a funding round led by EQT Ventures, with participation from Cambridge Innovation Capital, Parkwalk, and several angel investors.
The startup spun out of the University of Cambridge in 2014 to focus on applying AI to commercial insurance. “With its non-transparent pricing and use of outdated models, commercial insurance had not been adapted to the needs of modern society,” Cytora stated in a press release.
The list of Cytora’s clients now includes QBE, AXA XL, MS Amlin, and Starr. The insurers have built end-to-end quotation applications on top of Cytora’s APIs, which makes it easier for business owners to apply for insurance online.
“Today, we’re enabling insurers to underwrite at a fraction of the cost of traditional methods and price policies more accurately,” said Richard Hartley, co-founder and CEO at Cytora. “Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies.”
In the photo: Cytora co-founders Richard Hartley (left) and Aeneas Wiener