Insurtech firm Insurdata has raised $3m in seed funding round led by Anthemis and Menlo Ventures.
The round was also joined by Talis Capital, Alma Mundi Fund, Ascend, InsurTech Gateway, the Baloise Group and Prototype Capital.
Go deeper with GlobalData
This raises the startup’s capital to $4m. It secured funding of $1m in October 2017.
Insurdata, which was formed two years ago, specialises in the augmentation of peril-specific exposure and risk data through its Exposure Engine Platform. It has offices in offices in London and the US.
The fresh investment will be used by the company to grow its business.
Insurdata CEO Jason Futers said: “Our work to date has exposed material deficiencies in the quality and scope of information which underwriters are reliant upon, which in turn have a detrimental effect on their ability to accurately price risk and manage portfolios effectively.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Moving forward, we aim to capitalise on the fact that our Exposure Engine can be applied to any peril by working with re/insurers to introduce more refined data sets for a broad range of exposures, including flood, windstorm, earthquake, terrorism and cyber.
“We are also evolving the Insurdata Customer Portal to make access to high-resolution data as straightforward and speedy as possible.”
Mundi founder and CEO Javier Santiso added: “Insurdata provides an excellent opportunity to invest in a deep technology company that refines and enhances the lifeblood of the re/insurance industry – data.
“Few other markets are as reliant upon such incredibly complex and comprehensive data sets. Ensuring that such information is of the highest possible quality and resolution to enable underwriters to make risk decisions with confidence should be a top priority for every organisation.”
Talis Capital principal Tom Williams said: “With over 90% of modelled loss estimates for flood exposures currently underestimated by traditional methods due to a lack of accurate first-floor elevation data, this solution has the potential to vastly improve insurer analysis accuracy and significantly reduce their costs.”
