Data-driven underwriting and analytics company Envelop Risk has secured approximately $6 million in a Series A funding round.
Led by AI-specialist investor Alpha Intelligence Capital and with participation from MS Amlin and Dymon Asia Ventures, the funding will be put towards proprietary machine-learning and data-driven underwriting activity in London and Bermuda.
Envelop Risk offers bespoke underwriting solutions focused on the global cyber reinsurance market and expects companies of all sizes to eventually safeguard against increased risk through robust cyber insurance policies.
“We are thrilled to have received the support of AIC, a recognized leader in AI investment, and are pleased to become their first major InsurTech investment,” said Envelop Risk Chief Executive Officer, Jonathan Spry.
“Having the benefit of Antoine Blondeau as an advisor and the support of the whole AIC team will greatly help Envelop Risk through its next stage of growth.
“The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal.”
Antoine Blondeau, co-founder and managing partner of Alpha Intelligence Capital, added, “We at AIC have been impressed with the Envelop team’s ability to combine advanced algorithmic science with deep cybersecurity domain expertise.
“The resulting ‘engine’ is foundational not just to cyber risk insurance but also to the broader specialty and emerging risk insurance ecosystem. We look forward to supporting Envelop as it further expands its product and commercial reach globally.”