Concirrus, a UK-based insurance tech developer backed by commercialisation unit Touchstone Innovations, closed a £5m ($6.6m) round yesterday backed by venturing firm IQ Capital Partners and VC fund Eos Venture Partners.
Founded in 2012, Concirrus markets an insurance tech service called Quest which applies artificial intelligence (AI) and data analytics to internet-of-things devices to offer detailed information relating to insurance claims.
Concirrus currently has two products – an automotive insurance service used to identify motoring risks such as braking on corners, and a marine insurance product that exploits datasets on vessels and machinery.
The cash will help Concirrus scale its business in international markets. Max Bautin and Jonathan Kalman, partners at IQ Capital and Eos respectively, will join the Concirrus board of directors.
Touchstone Innovations committed $3.8m over two tranches to Concirrus in June 2017, after supplying $4.7m in series A funding two years previously.
As a spinout from Imperial College London, Touchstone was known as Imperial Innovations for the series A round. It was subsequently acquired by IP Group in late 2017.
Andrew Yeoman, chief executive of Concirrus, said: “What makes us unique is our singular focus on the insurance market and the community we have built around our product.
“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.”