Cytora raises £25m in Series B funding led by EQT Ventures to support its underwriting platform.
EQT Ventures led the Series B round with participation from Parkwalk and Cambridge Innovation Capital.
Cytora has built an artificial intelligence platform designed to streamline commercial insurance underwriting for large insurers. The company uses public, proprietary, and internal risk data to automate risk assessment.
Cytora has secured £25m in Series B funding led by EQT Ventures, with participation from Parkwalk, Cambridge Innovation Capital, and other backers. The company plans to use the capital to support its technology platform, which applies artificial intelligence to commercial insurance underwriting. Originally spun out of the University of Cambridge, Cytora automates the underwriting process for insurers using public and proprietary data sources. Chief executive Richard Hartley noted that traditional commercial underwriting remains manual and inefficient, taking up to seven days per policy.
From the founder
"Commercial insurance underwriting is inaccurate and inefficient,"
Richard Hartley
CEO at Cytora
