AI-powered insurtech Concirrus secures £5m investment
London-based insurtech company Concirrus has raised £5 million in equity funding co-led by Cambridge-based venture capital firm IQ Capital and specialist insurtech investor Eos Venture Partners.
The latest funding brings the total raised to £12 million.
Following the deal, Eos partner Jonathan Kalman and IQ Capital partner Max Bautin have taken a board position in the company.
Concirrus serves brokers, insurers, fleets and reinsurers within the London and global markets. Its AI-powered insurance software platform Quest, which combines machine learning analytics and industry datasets, enables marine and motor insurers to actively manage their risks in real time, helping them accurately quantify risks and reduce losses.
Concirrus was founded in 2012. In April, the company signed a global agreement with EY for the adoption of its technology platform.
“What makes us unique is our singular focus on the insurance market and the community we’ve built around our product," said Andrew Yeoman, CEO of Concirrus. "This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market. As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base."
Bautin commented: “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance. The multi-trillion-dollar insurance market is just entering the first phase of technological disruption and we are thrilled about the opportunities this presents to Concirrus and its partners.”
Kalman added: “What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption. We have spent a great deal of time with the Concirrus team over the past 12 months and we have found all of these qualities in their business.
“Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale - something that Concirrus is well on its way to achieving.”
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