Concirrus, a London-based InsurTech company focused on the Marine and Motor Analytics market, has raised an additional £5 million in equity funding, bringing the total raised to £12 million.
The latest round of funding was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners.
Concirrus’ software, Quest, uses artificial intelligence (AI) to integrate with re/insurers’ existing systems and reveal hidden claims behaviours that can allow companies to better quantify risk, uncover new opportunities, reduce losses, and boost profits.
Since its last round of funding in 2016, Concirrus has focused on developing two core products for the commercial marine and motor insurance markets, called Quest Marine and Quest Motor.
“This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market,” said Andrew Yeoman, Chief Executive Officer (CEO) of Concirrus.
“As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base,” Yeoman continued.
“In IQ Capital and Eos Venture Partners, we have a perfect blend of insurance and deep tech expertise, and we have found true partners who are as passionate as we are about working with the industry to change the way that insurance operates. We’re delighted to be joining forces.”
Concirrus said that Max Bautin, a Partner at IQ Capital with over 15 years of fintech and IoT experience, will join Concirrus’ Board as part of the funding arrangement.
“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,” Bautin commented.
“The multi-trillion-dollar insurance market is just entering the first phase of technological disruption and we are thrilled about the opportunities this presents to Concirrus and its partners,” he added.
Jonathan Kalman, a Partner at Eos with 18 years of InsurTech and fintech experience, will also join Concirrus’ Board following the funding.
“What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption,” Kalman said. “We have spent a great deal of time with the Concirrus team over the past 12 months and we have found all of these qualities in their business.”
He continued: “Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale – something that Concirrus is well on its way to achieving.”