UK-based algorithmic underwriting insurtech company Artificial Labs has garnered £8m ($10.08m) in its Series A+ financing round.
The investment was led by Augmentum Fintech, with contributions from MS&AD Ventures and FOMCAP IV.
Artificial Labs’ cloud-based platform utilises machine learning to enhance data control for commercial insurers and brokers.
The company will use the funding to facilitate its growth as a leader in algorithmic underwriting.
It also plans to use the capital injection to further product development and expansion.
This includes accelerating the creation and implementation of artificial intelligence (AI) tools that Artificial Labs provides to its broker and underwriter partners.
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Since its last funding round in June 2022, Artificial Labs has reached several key milestones and expanded its team.
The company strengthened its leadership team, appointing Martin Reith as chairman in 2022, and Deana Murfitt as chief operating officer and Jen Tan as head of portfolio strategy in 2023.
Its alliance with insurer Apollo on the Smart Follow initiative went live in August 2023, covering marine hull, general aviation and marine cargo.
In late 2023, Artificial Labs launched its broker tool, Contract Builder, through a partnership with Lockton in the UK.
The tool, which is customisable to broker needs, produces structured contracts compliant with Lloyd’s Blueprint Two.
Implementation with other large London Market brokers is currently under way, the insurtech company said.
Artificial Labs co-CEO and co-founder David King said: “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.”
Augmentum Fintech principal Reginald de Wasseige said: “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.”