Insurtech Concirrus grabs $6m investment from CommerzVentures

London-based insurtech Concirrus has secured $6 million investment from CommerzVentures, the corporate venture capital arm of Germany's Commerzbank, following its recent $20 million Series B funding round.

Using artificial intelligence (AI) and machine learning, the company has developed a behavioural-based underwriting platform called Quest, which delivers differentiated pricing, portfolio management and predictive analytics.

Heiko Schwender, partner at CommerzVentures, said: “Our passion lies in helping fintech and insurtech companies to succeed. We believe Concirrus has the best solution to manage risk in the marine insurance industry. Ultimately, it will serve insurance carriers in a variety of supply chain industries. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”

Andrew Yeoman, CEO at Concirrus, added: “We are really excited to have CommerzVentures join the business. The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times. This investment is a clear vote of confidence in our vision and the value that we’re bringing to the insurance market.”