Sector Updates

PayEngine, a white-label payments-facilitation platform for vertical SaaS companies, has raised $10m in Series A funding led by Point72 Ventures.

The Information Commissioner’s Office (ICO) has fined ClearView AI over £7.5m for using images of people collected from the web and social media to create a facial recognition database.

Singapore-based ADDX, a mobile app for private market investing, has closed its pre-Series B funding round on $58m.

Israel-based HUB Cyber Security has signed a long-term framework agreement with an unnamed European corporation to provide confidential compute hardware solutions.

The insurance industry has paid lip service to AI and machine learning for some time. However, adoption has been underwhelming. As firms come under intense pressure to meet changing customer demands, could this instigate more rapid AI adoption?

Parametrix Insurance, a provider of parametric cloud downtime insurance, has partnered with IMA Financial Group (IMA), a North American insurance brokerage firm specialising in risk management, insurance, wholesale brokerage and wealth management.

Parametric InsurTech Skyline Partners has partnered with Howden and global reinsurer Munich Re to develop a parametric insurance solution designed to protect farmers in Jamaica from extreme weather events.

Adsum, a tax-based financing company, has collected $5m in funding from Episode 1 and Digital Horizon.

Socotra, a platform for insurers and InsurTech MGAs, has acquired Avolanta, a software startup offering a unified portal for the insurance industry.

Fulcrum, which empowers customers to take control of their data, has secured a $5m investment.