London-based InsurTech startup Cytora has secured £25 million in a Series B funding round led by Swedish venture capital firm EQT Ventures.
Cytora, which was founded at the University of Cambridge in 2014, deploys artificial intelligence (AI) into commercial underwriting processes to improve and assist with the automation of decisions throughout a company’s portfolio.
The startup intends to use the injection of capital to expand internationally.
“With this investment, we’re looking forward to widening our impact and helping accelerate the insurance industry’s digital transformation,” said Cytora Chief Executive Officer and Co-founder, Richard Hartley.
“Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies.”
Cytora’s technology was most recently deployed by global re/insurer QBE.
QBE at the time explained that its partnership with Cytora would enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better meet specific needs.
