Artificial Labs, which provides an algorithmic underwriting platform for carriers, has raised £8mn ($10mn) in a Series A+ funding round to drive growth and continue expansion.
Publicly listed fund Augmentum Fintech led the round, with existing investors MS&AD Ventures and FOMCAP IV also participating.
Artificial Labs, which undertook the Lloyd’s Lab accelerator programme in 2020, uses machine-learning to leverage data from submissions to automate underwriting decisions for carriers based on their risk appetite.
David King, co-CEO and co-founder of Artificial Labs, said: “This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space.
“In 2024, we will further the development of our underwriting platform, exciting AI solutions and our Contract Builder product, which is already seeing great traction in the market.”
In June 2022, it raised £9.5mn in a Series A funding round to invest in its technology and accelerate a recruitment drive.
The following year, it launched an algorithmic underwriting collaboration with Apollo that has since gone live in the London market for several lines of business including marine hull, aviation and marine cargo.
Last month, PPL announced a new partnership with Artificial Labs that it said would be a “leap forward” in progressing towards end-to-end digital trading, cutting back on re-keying and manual data processes, as competition heats up in the placement space.