London-based InsurTech Company Concirrus, who is leading the marine and motor analytics market change has recently raised £5 million in equity funding, bringing the total raised to £12 million.
The investment round was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners.
Concirrus, who have brokers, insurers, major fleets and reinsurers as clients has also announced the global agreement with Ernst and Young in April this year, which saw the two companies working together to drive adoption of concirrus technology in the market. Along with Concirrus, EY themselves are investing heavily in the insurance market through their Insurwave blockchain venture.
Concirrus Software “Quest” uses the most advanced Artificial intelligence to construe wide ranging data sets in real time. Through integration with an insurer, reinsurer or broker prevailing system, it then combines this data with the historical claims information and uses AI to reveal hidden behaviors that correlates with the claims. With ‘Quest’ insurers, reinsurers and brokers can now accurately quantify risk, tapping new opportunities in their portfolios, thus reducing loss and boosting profits.
Concirrus CEO Andrew Yeoman, said “what makes us distinguishable is our single focus on the insurance market and the community we’ve built around our project. This new round will provide us a solid platform of capital that will scale our business along with our customers new round of investment provides us with a solid platform of capital to scale our business alongside our customers in a worldwide market. As the demand for our solutions has increased, so the need to accelerate our AI Capabilities and address a rapidly growing international customer base also increased.
Adding Yeoman also said “In IQ Capital and Eos Venture Partners, we have a perfect blend of insurance and deep tech expertise, and we have found true partners who are as passionate as we are about working with the industry to change the way that insurance operates. We’re delighted to be joining forces,
With the latest round of funding Max Bautin, Partner at IQ Capital with over 15 years fin-tech and IoT experience will join the Concirrus Board following the funding. Commenting on the recent development Bautin added- “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”
Echoing with Max Bautin, Jonathan Kalman said: “What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption. We have spent a great deal of time with the Concirrus team over the past 12 months and have found all of these qualities in their business.”“Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale – something that Concirrus is well on its way to achieving.”
Existing independent Board members Steve Bellamy and Barney Quinn will remain on the Concirrus Board, along with Kelsey Lynn Skinner of IP Group who remains an investor.