UK insurtech Previsico secures funding to target US, partner with Lloyd’s Lab

UK insurtech Previsico, which has developed flood mapping technology design to allow insurers to alert customers if their properties are at risk, has secured funding from Innovate UK, a UK government innovation agency, and will collaborate with Lloyd’s Lab to increase the scope of its offering.

The Loughborough University spin-off has secured £700,000 in loan support from Innovate UK and has said it will seek Series A funding in 2021. The loan will help it accelerate product development, allow more proof of concept trials with insurers and its expansion into the US market where there is an urgent need for surface waterflood modelling.

Previsico’s CEO Jonathan Jackson said: “The increasing catastrophic risk of flooding, including surface water flooding in the US, and worldwide, make this development very timely. We have big plans at Previsico, including our Series A round in 2021. This loan will enable us to accelerate our product development and growth, including in the US as a key target market for 2020.”