Concirrus, an AI-powered insurance software provider, has netted £5m in an new equity round.
The round was co-led by deep tech venture firm IQ Capital and InsurTech-focused investor Eos Venture Partners. With this new boost of capital, the company’s total funding efforts have reached £12m.
UK-based Concirrus leverages AI technology to analyse datasets in real-time to support insurers, reinsurers and brokers with quantifying risk. By integrating with a client’s existing system, it combines the data with historical claims information and uses AI to identify behaviours which correlate to claims.
Since the company’s last funding round, a £3m Series A from Touchstone Innovations last year, it has launched two core products. Quest Marine and Quest Motor are Concirrus’ first products and provide its AI and data capabilities to the marine and auto industries.
Following the launch in these space, the company is looking to apply its technology to a number of other segments in the insurance space.
This equity injection will be used to support the scaling of the business and its customer-base. To aid this, the company will look to increase its focus on developing new AI capabilities.
IQ Capital co-founder Max Bautin said, “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”
As part of the deal, Eos partner Jonathan Kalman and IQ Capital’s Max Bautin have joined Concirrus in board positions.
Earlier in the year, Concirrus formed a partnership with EY to drive the adoption of its technology in the market.
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