Insurance underwriting software business Concirrus raised capital to fund product enhancements and entry into new verticals and geographies.
Concirrus, a UK-based insurance underwriting tool provider, completed a $20m series B round yesterday.
AlbionVC, the venture arm of Albion Capital, led the round and was joined by deep tech-focused VC firm IQ Capital Partners, insurance-focused VC fund Eos Venture Partners and unnamed angel investors.
Founded in 2012, Concirrus has built a predictive software platform, Quest, for the insurance industry that informs risk assessments on clients and helps underwrite policies. Quest is offered in variants tailored to marine and motor insurance.
The software relies on behavioural-based risk evaluation, applying machine learning to large quantities of data to provide a real-time overview of risk parameters such as driver behaviour or marine port conditions.
The business plans to fund product enhancements while preparing the ground for international expansion. Proceeds will also help adapt Quest for more insurance sectors.
Concirrus most recently raised $6.6m in 2018, closing the round with contributions from IQ Capital and Eos Venture Partners.
Touchstone Innovations had already supplied $3.8m over two tranches in 2017, after investing $4.7m of series A money in 2015.
Touchstone has since been acquired by commercialisation firm IP Group, but Imperial College London subsequently decided not to extend its contract with the firm and instead brought tech transfer activities back in house.
IP Group no longer lists Concirrus as a portfolio company, but it is unclear when the firm may have exited or whether Imperial Enterprise Division, the tech transfer arm of Imperial College London, retains any shares in the business.
