By Jack Mendel
London insurtech Artificial Labs has received a £4m shot in the arm from Europe’s leading publicly listed fintech fund Augmentum.
The fresh round of funding will help Artificial to build on its algorithmic underwriting, as the market moves increasingly towards digital.
Augmentum, the London-listed venture vehicle, has been at the forefront of Artificial’s Series A+ round of around £8m, alongside other investors including MS&AD Ventures and FOMCAP IV.
Artificial, an underwriting tech provider for the capital’s insurance market, will now look to accelerate its growth and build out its range of products.
It will also look to entrench its position as in algorithmic underwriting software, as insurance increasingly looks towards ‘digital solutions’, an update to the markets said this morning.
Tim Levene, CEO of Augmentum Fintech, said: “We are delighted to lead Artificial’s latest round. The insurance market remains ripe for further digitisation and the introduction of algorithmic underwriting will improve efficiency for all participants.
“Artificial are building an exceptional team and stand out as one of the key disrupters in this space”.
Augmentum’s share price has dropped by more than seven per cent in the last year.
