ChAI secures a seed round from Seraphim Space and other backers to expand into insurance services
The seed round was led by Seraphim Space to fund the development of new commodity risk insurance products.
ChAI builds artificial intelligence and machine learning software to predict commodity prices and help businesses navigate supply chain volatility.
ChAI has secured a seed round led by Seraphim Space, with participation from Insurtech Gateway, Passion Capital, Primo Space Fund, 2050Cap, and Portfolio Ventures. The capital will support the London-based startup as it expands its predictive commodity pricing technology into new insurance services.
The funding enables ChAI to develop commodity risk insurance products aimed at smaller companies that lack access to traditional risk transfer instruments such as options or futures markets. Larger material providers will also be able to utilise the insurance offerings to manage financial exposure across raw materials including steel and plastic.
The business employs alternative datasets, ranging from satellite imagery to maritime transport metrics, to forecast market movements for commodities like oil, aluminium, and copper. Last month, the firm signed a data-licensing agreement with S&P Global Commodity Insights to integrate Platts price assessments into its forecasting models.
Investor perspective
"Chai is already empowering businesses across some of the largest and most important industries globally by allowing them to better manage their commodity price exposure. Now, ChAI’s upcoming insurance product has the potential to become an absolute game changer for these businesses. We are very happy to support the founders and team at ChAI and look forward to an exciting journey."
Andre Ronsoehr
Investment Director, Seraphim Space
Use of funds
- 01Continue product development
- 02Expand into international markets
