UK-based startup Novee AI has raised £1.6m in pre-seed funding to expand its generative AI platform for commercial and specialty insurance underwriting.
The round was led by venture capital firm 42CAP, with additional backing from Insurtech Gateway, according the to Insurance Times.
Novee’s platform automates the triage and analysis of broker submissions, enabling underwriters to surface key risk insights and apply underwriting logic at speed.
“Our platform is designed to ingest submissions in any format, apply configurable underwriting rules, and surface insights directly into underwriters’ workflows,” said CEO Haris Khan.
The company plans to use the funds to accelerate development, expand into new lines of business, and deepen relationships with large insurers
