PeppercornAI secures 3.25m Series A funding from Wealth Club, EHE Capital and Angels Invest Wales to develop its conversational artificial intelligence platform.
Wealth Club, EHE Capital and Angels Invest Wales backed the oversubscribed raise to support product development and international demand.
PeppercornAI is an insurtech business that builds conversational artificial intelligence platforms for the insurance industry. The company provides software solutions designed to reduce operating costs and improve the customer experience.
PeppercornAI has secured 3.25m in a Series A funding round supported by Wealth Club, EHE Capital and Angels Invest Wales. Wealth Club contributed 1.9m to the oversubscribed raise, which also drew participation from high net worth backers.
The capital will be deployed to accelerate the development of the firm conversational artificial intelligence technology. Funds will additionally support growing demand from business-to-business clients in domestic and international markets following the launch of its Pipr platform last year.
The investment arrives during a challenging fundraising climate for early stage ventures, though the company noted strong interest from backers due to its industry metrics. The latest injection follows a previous 1.8m seed round secured in 2022.
From the founder
"The insurance industry has barely changed since insurance started being sold online thirty years ago. Technology, specifically AI, has the potential to completely change the way consumers buy and manage their insurance policies and can also deliver significant benefits to providers at the same time."
Nigel Lombard
CEO and Founder at PeppercornAI
Investor perspective
"We believe PeppercornAI has the potential to transform the insurance industry and it became clear to us that Nigel and his team were the people to do it given their deep sector knowledge and network. The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics significantly contributed to their success in securing investment."
Gayle Bowen
Director of Direct Investments, Wealth Club
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
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About the company
PeppercornAI
PeppercornAI develops conversational artificial intelligence technology for the insurance industry.