Insurtech Envelop Risk secures Series A funding from AIC and MS Amlin

London-based insurtech Envelop Risk, a data-driven underwriting and risk analytics firm, has secured Series A investment of $6 million led by AI-specialist investor Alpha Intelligence Capital (AIC), with participation from existing investors including MS Amlin and Dymon Asia Ventures.

Envelop Risk will use the funds to further its investment in proprietary machine-learning and data-driven underwriting activity in London and Bermuda, fueling growth into new markets globally.

The company offers bespoke underwriting solutions focused on the global cyber reinsurance market.

Envelop Risk CEO, Jonathan Spry, said: “We are thrilled to have received the support of AIC, a recognized leader in AI investment, and are pleased to become their first major InsurTech investment. Having the benefit of Antoine Blondeau as an advisor and the support of the whole AIC team will greatly help Envelop Risk through its next stage of growth. The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal.”

Spry added: “Envelop is a natural partner for traditional insurers and underwriters to disrupt the market space of cyber-insurance- we’ve helped reimagine and reshape how cyber-risk is priced in a traditionally opaque and complex market. Now, we would like to move onto our next chapter and partner with underwriters globally to reach more companies at risk of cyber breaches, cyber-attacks and other emerging areas of supply-chain complexity.”