Algorithmic underwriting insurtech, Artificial Labs has raised £8 million in a Series A+ funding round that was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV.
From what we understand, Artificial Labs will use the funding to drive growth and continue its rapid expansion across the market.
At the same time, the funding will also enable the acceleration of the development and deployment of innovative artificial intelligence (AI) tools that Artificial is providing for its brokers and underwriter partners.
David King, Co-CEO and Co-Founder of Artificial, commented: “Our latest funding round is a testament to the exciting work we’re doing at Artificial. We are thrilled to have the expertise and support of the Augmentum team and our committed existing investors on this next phase of our journey.
“This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space. In 2024 we will further the development of our underwriting platform, exciting AI solutions and our Contract Builder product, which is already seeing great traction in the market.”
Reginald de Wasseige, Principal at Augmentum Fintech, said: “We are delighted to lead Artificial’s latest investment round. We firmly believe that the era of algorithmic underwriting will redefine market dynamics in the insurance space.
“As more sophisticated ‘smart follow’ underwriters enter the London Market, we will see a significant transformation in the process of underwriting risk. The most adept lead underwriters, equipped with substantial auto-follow capacity, are poised to become highly sought-after by brokers seeking to place business. We look forward to working with David, Johnny and the entire Artificial team for this next phase of their journey. Our investment is a testament to our confidence in their vision and execution capabilities.”
If you recall, in August, Artificial announced its Smart Follow collaboration with insurer Apollo, which has since gone live in the London Market for several lines of business including Marine Hull, General Aviation and Marine Cargo.
Furthermore, the business also launched its broker tool – Contract Builder – to the market through its strategic partnership with Lockton in the UK in late 2023 and Placing Platform Limited in January 2024.
