Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

London-based AI startup Cytora ropes in a huge funding to enhance data-driven business insurance

Editorial team by Editorial team
April 18, 2019
in Startups, (Crowd)funding, News, Software & SaaS
0
18
SHARES
LinkedInTwitterWhatsAppFacebook

Insurance, in general, supports businesses mitigate risk, protect their employees and provides them the confidence to achieve their goal/ambition during the uncertain condition. Notably, the insurance also contributes to the economy as well.

Elevating the insurance industry to a new standard!

 - Partner content -
Cost of software - The Software house
The cost of building software
Marek Gajda, CTO of The Software House, shares his insights on building high-quality...Show More
Marek Gajda, CTO of The Software House, shares his insights on building high-quality software. Show Less
Read more

Having said that, some feels the underlying systems that insurance is built on are failing, leaving businesses exposed to risk. In this case, Cytora, based out of London was founded to elevate the insurance industry to a new standard where insurance is simple, fast and built on a foundation of tractable data.

£25 million funding!

Recently, Cytora has raised £25 million series B funding round led by EQT Ventures. Additionally, the existing investors including Cambridge Innovation Capital and Parkwalk also participated in the round along with a number of angel backers.

Cytora – Heads up!

For the uninitiated, Cytora transforms underwriting for commercial insurance. The Cytora API-enabled Underwriting Platform enables insurers to underwrite more accurately, reduce frictional costs and deliver fairer prices to their customers.

Founded by Aeneas Wiener, Andrzej Czapiewski, Joshua Wallace and Richard Hartley in 2014, Cytora is a spin-out of the University of Cambridge.

“With this investment, we’re looking forward to widening our impact and helping accelerate the insurance industry’s digital transformation,” said Hartley.

7 days to just 30 seconds!

“Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies.” According to Richard Hartley, Cytora is able to distil the seven-day underwriting process down to 30 seconds via its API.

The company launched its first product in 2016 in an attempt to implement AI to commercial insurance supported by various public and proprietary data including property construction features, company financials and local weather.

The Cytora Risk Engine uses artificial intelligence to learn the patterns of different risks and loss outcomes over time and computes a rank, score, and price for every property and company in the population.

ARR license fee!

The list of Cytora’s clients now includes QBE, AXA XL, MS Amlin, and Starr. In terms of business model, Cytora generates revenue by charging a yearly ARR license fee, which increases based on usage and per line of business.

“We’re seeing a radical transformation in insurance, with organisations now expecting the same level of simplicity, transparency and convenience from their business insurers as they’re getting from consumer insurers and digital banks,” said Lyle Fong, partner and investment adviser at EQT.

Stay tuned to Silicon Canals for more updates in the tech startup world.

These 10 standout tech startups have been selected for Future Hamburg Award 2019

close

Want to stay on top of the latest rounds, coolest tech and hottest startups?

Subscribe to our free, daily news blast and stay up-to-date!

Check your inbox or spam folder to confirm your subscription.

 - Partner content -
Nebula CTO Andre Witte
Cloud spend management 😱
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the...Show More
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the costs at bay in 2021. Show Less
Read more
Tags: fundingSaaS
Share1Tweet5SendShare7

Featured events

07apr10:0012:30FeaturedWorkshop: pr for startupsHow to grow your startup with the help of public relations

Partner content | Work with us

Blue Tulip Awards announce 5 finalists in the Food & Water and Education & Employment theme

Impact media foundation 5 Media offers grants up to €100,000 per year to drive a sustainable future

Here’s how cryptocurrency will take over the world

Blue Tulip Awards is driven by purpose: why innovation and equality go hand in hand

Future of coding: CTOs discuss low-code versus custom code software development for their business

Breaking news from Amsterdam | Partner

Here’s why Just Eat Takeaway is expanding its offices in Amsterdam

Amsterdam-based Veylinx uses Nobel Prize-winning approach to solve the problem of unreliable survey data; raises €1.6M

Amsterdam-based fintech unicorn Mollie enters UK market to helps merchants there grow into Europe post-Brexit

Amsterdam-based HR tech Recruitee takes a “shortcut” to a future unicorn status

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy policy
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2020 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdam
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact

Silicon Canals 2014-2020 | Website: Bright Idiots

X

This website uses cookies to ensure the best possible experience. We may share this information with our advertising and analytics partners. By clicking 'Accept', you agree to our use of cookies and similar technologies. More info