10 June 2020Insurance

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.”

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More on this story

Insurance
7 August 2019   Previsico, an insurtech spin-out of the Loughborough University specialising in flash flood forecasting technology, is launching into the insurance sector following a seed funding round.
Insurance
15 July 2020   The new solution is designed to enhance insurers’ flood modelling capabilities.