Michelmores has recently advised Intelligent AI, an InsureTech company that is disrupting insurance risk management with AI and data analytics, on its £2m seed funding round.
Leading VC, SuperSeed, was the lead investor, with significant investment also being secured from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and several UK-based angel investors. The seed funding will enable Intelligent AI to further the development of its underwriting platform, as well as grow its team to drive global partnerships and expand beyond the UK and US.
The company was founded by Anthony Peake to help insurers accurately predict the risk on commercial properties through a cloud-based solution. Its platform leverages 300 data points, ranging from satellite image analysis and real-time weather and flood risks, to crime rates and fire service response times. Its AI and advanced data analytics then empowers insurers, brokers and their clients to better identify and track risks, providing actionable insights that will drive significant savings in the commercial property sector.
Intelligent AI CEO Anthony Peake said,
“Lloyd’s property underwriters alone lost on average £800m a year between 2017 and 2021. It’s therefore imperative the industry moves away from a system based on incomplete, historical data, exacerbated by the fact that due to high costs, only 10% of properties are assessed by risk engineers.”
The Michelmores team consisted of Harry Trick (Partner) and Francesca Hubbard (Senior Associate). SuperSeed and CIOSIF were advised by Goodwin Proctor and FSP Law respectively.
This seed funding comes shortly after Intelligent AI secured £400,000 in its pre-seed round, which was led by RLC Ventures and followed its graduation from the Lloyds Lab Accelerator