Artificial Labs, a leading algorithmic underwriting InsurTech, has successfully concluded an £8M Series A+ funding round, as it looks to drive company growth.
The investment round was spearheaded by Augmentum Fintech, Europe’s premier publicly listed FinTech fund, but also featured with contributions from existing investors MS&AD Ventures and FOMCAP IV.
The newly secured capital injection will empower Artificial Labs to strengthen its position as a leader in algorithmic underwriting.
The company aims to drive product development initiatives and expand its footprint in the digital insurance market. Additionally, it will accelerate the development and deployment of advanced AI tools, further enhancing its offerings to brokers and underwriter partners.
David King, Co-CEO and Co-Founder of Artificial, commented, “Our latest funding round is a testament to the exciting work we’re doing at Artificial. We are thrilled to have the expertise and support of the Augmentum team and our committed existing investors on this next phase of our journey.
“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,” he continued.
Reginald de Wasseige, Principal at Augmentum Fintech, added, “We are delighted to lead Artificial’s latest investment round. 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.
“The most adept lead underwriters, equipped with substantial auto-follow capacity, are poised to become highly sought-after by brokers seeking to place business. We look forward to working with David, Johnny and the entire Artificial team for this next phase of their journey. Our investment is a testament to our confidence in their vision and execution capabilities.”
Since its previous Series A funding round in June 2022, Artificial Labs has significantly expanded its team and added to its leadership team through the the appointments of Ascot founder Martin Reith as Chairman in 2022 and, in 2023, Deana Murfitt as Chief Operating Officer and Jen Tan as Head of Portfolio Strategy.
In August 2023, the firm announced its Smart Follow collaboration with insurer Apollo, now active in the London Market for Marine Hull, General Aviation, and Marine Cargo.
The company also rolled out its new broker tool, Contract Builder, in late 2023 through partnerships with Lockton and Placing Platform Limited.
This move is a significant step forward in the Lloyd’s of London market. The tool, currently being implemented with other major London Market brokers, offers tailored contracts that meet Lloyd’s Blueprint Two standards.
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