London-based InsurTech Artificial has raised £4.2m for its seed funding round, as the company lays out its wider expansion plans.
The funding round was led Alma Mundi InsurTech Fund, and Force Over Mass alongside other investors. The company is set to use the funding to expand its engineering and sales teams, scale its digital platform and target new geographies such as the US the Middle East and China.
Artificial uses technologies like machine learning and artificial intelligence to digitise the insurance value chain.
The business product suite includes Artificial Build – a data capture and digital negotiation platform, Artificial Price – a selection and dynamic pricing technology and Artificial Manage – an integrated tool for managing insurance portfolios.
The start-up was founded in 2013 and is partnered with Capita through its Scaling Partners programme and with Ping An through its accelerator programme.
“This is fantastic news for Artificial,” said Artificial co-founder and CPO, Johnny Bridges. “We are delighted to work with Alma Mundi InsurTech Fund and Force Over Mass, who have shown their belief in our ability to provide digital solutions to the insurance industry on a large scale.
“This round of funding shows our commitment to growing Artificial and will enable us to expand and scale our current platforms.”
This latest funding round follows reports from last week, that fellow AI-based InsurTech Cytora raised £25m in its Series B funding round led by EQT Ventures.
Mundi Ventures’ Alma Mundi Insurtech Fund recently secured a $25m anchor commitment from global insurance group MAPFRE.
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