QBE Insurance and Starr Companies have joined CIC to invest in Cytora as it prepares to launch a risk assessment engine for property and casualty insurance.
UK-based insurance technology developer Cytora has raised £4.4m ($5.9m) in funding from investors including Insurance firm QBE Insurance and financial services group Starr Companies yesterday.
The round also featured Cambridge Innovation Capital (CIC), a patient capital fund affiliated with Cambridge University, the university from where Cytora was spun out.
Cytora’s risk assessment engine uses language processing and machine learning to identify insurance risks in data held both internally and externally by insurers. The system aims to reduce the ratio between…
