Artificial Labs completes £8m funding round

Algorithmic underwriting insurtech Artificial Labs has completed a £8m series A+ funding round.

The latest round of funding forms part of the firm’s growth plans, with it looking to develop products to help create a digital insurance market.

The new investment is set to help the firm accelerate the development of its artificial intelligence (AI) tools that it is delivering to brokers and underwriter partners.

David King, cochief executive and cofounder of Artificial Labs, 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 and exciting AI solutions.”

Expansion

The latest round of funding builds on the investment it secured in June 2022.

Since then, the firm announced a smart follow collaboration with insurer Apollo, which has since gone live in the London market for several lines of business, including marine hull, general aviation and marine cargo.

It also unveiled its contact builder tool for brokers, which aims to streamline the creation and processing of new MRCv3 insurance contracts.

The new investment was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and Force over Mass Capital.

“Our latest funding round is a testament to the exciting work we’re doing at Artificial,” King said.

”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.”

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.”