Augmentum leads fresh investment round in London insurtech Artificial Labs
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”.
David King, co chief executive and co-founder of Artificial,commented: “Our latest funding round is a testament to the exciting work we’re doing at Artificial. We are thrilled to have the expertise and support of the Augmentum team and our committed existing investors on this next phase of our journey.
“This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space.
“In 2024 we will further the development of our underwriting platform, exciting AI solutions and our Contract Builder product, which is already seeing great traction in the market.”
Reginald de Wasseige, principal at Augmentum Fintech, added: “We are delighted to lead Artificial’s latest investment round. We firmly believe that the era of algorithmic underwriting will redefine market dynamics in the insurance space.
“As more sophisticated ‘smart follow’ underwriters enter the London Market, we will see a significant transformation in the process of underwriting risk. The most adept lead underwriters, equipped with substantial auto-follow capacity, are poised to become highly sought-after by brokers seeking to place business.
“We look forward to working with David, Johnny and the entire Artificial team for this next phase of their journey. Our investment is a testament to our confidence in their vision and execution capabilities.”
Augmentum’s share price has dropped by more than seven per cent in the last year.