Concirrus said to close $20m funding round

Insurance software developer Concirrus has reportedly scored $20m in its Series B funding round which was led by AlbionVC.

The capital injection was also supported by previous Concirrus backers IQ Capital, EOS Venture Partners and other angel investors, according to a report from UKTN.

Concirrus hopes this capital will fuel its next growth stage which includes global expansion, diversifying its product suite and move into more business lines, the article claims.

The InsurTech platform builds insurance software for the marine and automotive industry. Its Quest Marine solution provides risk management services via the analysis of historical and real-time marine data to help identify new behavioural factors which impact loss events.

The InsurTech recently formed a multi-year deal with Hiscox London Market to help the insurance firm with its marine policy underwriting. As part of the deal, Concirrus integrates its behaviour-based analytics tool to Hiscox’s system, which will enable the insurer to analyse existing portfolios in deeper detail and based on factors like time at sea and port risk.

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