Introduction:
Artificial Labs, a leading insurtech company, secures £8 million in Series A+ funding, spearheaded by Augmentum Fintech.
The funding aims to drive the company’s expansion efforts and accelerate product development, reinforcing its position in the insurtech landscape.
Key Investors and Utilization of Funds:
Augmentum Fintech led the funding round, joined by existing investors MS&AD Ventures and FOMCAP IV.
The funds raised are earmarked for crucial areas such as product development and sustained expansion, solidifying Artificial Labs’ foothold in the commercial insurance and brokerage sector.
Cloud-Based Tools and Machine Learning Expertise:
Co-CEOs David King and Johnny Bridges helm Artificial Labs, leveraging cloud-based tools and advanced machine learning techniques.
The company empowers commercial insurers and brokers by providing control over their data.
Its data extraction and transformation capabilities facilitate fully automated, algorithmic underwriting, ensuring seamless end-to-end data flows, integrations, policy management, and contract builders, all within a unified automated platform.
Noteworthy Collaborations and Product Launches:
In August 2023, Artificial Labs unveiled its Smart Follow collaboration with insurer Apollo, now live in the London Market for various lines of business.
The company also introduced its broker tool, Contract Builder, through partnerships with Lockton in the UK in late 2023 and Placing Platform Limited in January 2024.
This innovative tool, configurable to brokers’ needs, generates structured and Lloyd’s Blueprint Two-compliant contracts.
CEO Perspective on Funding and Future Plans:
David King expresses excitement about Artificial Labs’ trajectory, highlighting the significance of the funding round.
The co-CEO emphasizes the company’s commitment to innovation in the algorithmic and augmented space.
The funding will specifically fuel the development of the underwriting platform, AI solutions, and the Contract Builder product, which has garnered notable traction in the market.
Conclusion:
The infusion of £8 million in Series A+ funding positions Artificial Labs for accelerated growth, reinforcing its commitment to pushing the boundaries of insurtech innovation.
The company’s strategic focus on AI solutions and advanced underwriting platforms signifies its dedication to shaping the future of the insurance industry.
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