Novee AI secures £1.6m in pre-seed funding led by 42Cap to develop insurance risk technology
The pre-seed round was led by 42Cap with participation from Insurtech Gateway to accelerate product development.
Novee AI develops an artificial intelligence platform designed to streamline risk assessment and document processing for commercial and specialty insurance underwriters.
Novee AI has secured £1.6m in a pre-seed funding round led by 42Cap, with additional backing from Insurtech Gateway. The capital will be deployed to accelerate product development, expand into new classes of business, and strengthen partnerships with major insurers.
The London-based startup provides an AI-driven platform that helps underwriters process broker submissions and assess risk more efficiently. The technology extracts insights regardless of document format and applies custom risk logic in real time, aiming to address persistent administrative bottlenecks in the insurance sector.
The fresh funding arrives as the industry faces tightening market conditions, regulatory pressures, and an impending wave of retirements among senior underwriters. Novee plans to use the investment to scale its operations while early deployments are already underway with prominent London Market insurers.
From the founder
"Novee is building the AI intelligence layer for underwriting, giving insurers the speed, clarity and control they need to assess complex risks with confidence. With support from 42Cap and Insurtech Gateway, and in close collaboration with leading insurers, we’re not just streamlining underwriting workflows but helping our customers unlock growth and write better business. This funding allows us to accelerate product development, expand across other classes of business and deepen our partnerships with leading insurers."
Haris Khan
CEO at Novee AI
Investor perspective
"Current vendors often lack flexibility, lose critical context from submissions, and are slow to adapt to underwriting needs. Novee’s system systematically captures how underwriters assess complex risks, embedding years of underwriting experience to add immediate value in weeks. We’re delighted to be working with Haris, Arved and Ehsan. With deep expertise and network in the Insurance market we’re convinced this is the team to execute."
Dom Nolan
Investment Manager, Insurtech Gateway
Use of funds
- 01Continue product development