Artificial Labs Secures £8M Funding for Algorithmic Underwriting
LONDON, 6th February 2024 – Artificial Labs, the leading algorithmic underwriting insurtech, is pleased to announce the successful completion of an £8M Series A+ funding round. This round of investment was led by Augmentum Fintech, Europe's premier publicly listed fintech fund, with participation from existing investors MS&AD Ventures and FOMCAP IV. This funding round will enable Artificial to further establish its position as a leader in algorithmic underwriting and continue its mission to revolutionize the digital insurance market.
In August 2023, Artificial introduced its groundbreaking Smart Follow collaboration with insurer Apollo, which has since been implemented in the London Market for various lines of business, including Marine Hull, General Aviation, and Marine Cargo.
Furthermore, Artificial launched its new broker tool, Contract Builder, in late 2023 through partnerships with Lockton in the UK and Placing Platform Limited in January 2024. The tool, which is compliant with Lloyd's Blueprint Two, can be customized to meet brokers' specific requirements and generates structured contracts. Artificial is currently working on implementing the tool with several other large London Market brokers.
Since its successful Series A funding round in June 2022, Artificial has achieved significant milestones. The company has expanded its team and strengthened its leadership with the addition of Martin Reith, founder of Ascot, as Chairman in 2022, and the appointments of Deana Murfitt as Chief Operating Officer and Jen Tan as Head of Portfolio Strategy in 2023. The latest funding round will drive the development of new AI tools that Artificial is delivering to brokers and underwriter partners, accelerating the company's growth and innovation in the algorithmic and augmented space.
David King, Co-CEO and Co-Founder of Artificial, expressed his enthusiasm about the funding round, stating, "Our latest funding round is a testament to the exciting work we're doing at Artificial. We are thrilled to have the expertise and support of the Augmentum team and our committed existing investors on this next phase of our journey. This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space." Reginald de Wasseige, Principal at Augmentum Fintech, shared his confidence in Artificial's vision and execution capabilities, highlighting the transformative potential of algorithmic underwriting in the insurance industry.
About Artificial Labs
Artificial Labs is a technology provider for the Lloyd's and London market, offering algorithmic placement of risk supported by contract building and underwriting capabilities. The company collaborates with commercial and specialty insurers and brokers, including Apollo, Chaucer, Convex, Lockton, and PPL.
About Augmentum Fintech
Augmentum Fintech is a leading publicly listed fintech fund in Europe that invests in fast-growing unquoted fintech businesses. The fund provides patient capital and support to disruptive companies in the financial services sector, and its portfolio includes notable companies such as Tide, Grover, Zopa, Volt, and Monese.
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