Insurtech Nuon raise £1m pre-seed for AI platform to augment insurer pricing
Insurtech start-up Nuon AI has raised £1 million in an “oversubscribed” pre-seed round for its artificial intelligence platform designed to improve the pricing performance of insurers, brokers and MGAs.
The round, led by Haatch Ventures, saw investments from several high-profile investors and angels, including former Towergate and Bupa group chief executives, alongside Portfolio Ventures and Chris Adelsbach, partner at Outrun Ventures.
Nuon's technology platform uses AI to augment traditional pricing, underwriting, and risk processes.
Through its suite of AI products, Nuon aims to “revolutionise” the entire insurance product lifecycle, from pricing and claims to MTAs and renewals.
"We had a great year in 2021. We progressed development with our pricing and claims product and have customer traction in the UK and US," said Nuon partner Paul Doran (pictured), who joined the business last year from insurtech Inshur.
"Gaining early customer validation has happened much faster than anticipated, and the extended round means all our focus in 2022 is on product development, expanding our team, and customer growth," Doran added.
Simon Penson, partner at Haatch, said: “Nuon is well on the way to revolutionising the insurance industry. They have shown that they have been able to get good early traction in the US and UK market and we are thrilled to be enabling further growth. It is very rare to find a team that has so much experience together, including successfully exiting businesses. We are delighted to be investing in and working with the team at Nuon.”
Nuon will invest the capital to grow operations, sales, marketing, and engineering functions. The team operates a 100% distributed model, with a presence in the UK and Canada.
Will Brooks, co-founder of Portfolio Ventures, commented: "Nuon have 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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