London insurance technology startup Concirrus today closed a further £5m fundraising effort from deeptech investor IQ Capital and EOS Venture Partners, taking its total amount raised to date to £12m.
The news comes after the firm signed a global deal with Big Four accountancy firm EY in April earlier this year, pushing Concirrus’ disruptive machine learning tech into the marine insurance market.
Concirrus also utilises its analytics system to serve the motor insurance industry, although it hopes to expand further afield with this latest raise. It uses artificial intelligence to provide firms with highly-detailed datasets, thereby achieving more accurately-priced policies for customers.
The startup’s chief executive Andrew Yeoman said the raise will be put towards scaling the business in international markets.
"What makes us unique is our singular focus on the insurance market and the community we’ve built around our product," said Yeoman.
"As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base."