Nuon, an InsurTech leveraging AI in the insurance pricing process, has raised £1m in an oversubscribed pre-seed funding round.
The company said due to earlier than expected customer traction in both the UK and the US, it extended its initial £300,000 round led by Haatch Ventures.
The pre-seed round saw participation from Portfolio Ventures, Christ Adelsbach principal at Outrun Ventures, Andy Homer, ex-CEO of Towergate Insurance and Evelyn Bourke, ex-group CEO of Bupa.
Nuon said it has a vision to revolutionise the insurance product lifecycle from pricing, claims, MTAs, and renewals. Its technology uses a branch of AI known as reinforcement learning, to make and learn from thousands of micro pricing and product factor adjustments, according to Nuon.
The company said this latest funding will enable it to bring its suite of AI products to insurers, brokers, independent software vendors and MGAs worldwide faster.
Will Brooks, co-founder of Portfolio Ventures, said, “Nuon has demonstrated the benefits of having an established team with deep sector experience. We invested in the round as we are active in InsurTech and see huge potential for the application of AI in insurance.”
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