The company was founded and spun out of the University of Cambridge by a team of machine learning scientists, data engineers, and strategists.
“With this investment, we’re looking forward to widening our impact and helping accelerate the insurance industry’s digital transformation,” said Richard Hartley, co-founder, and CEO at Cytora.
“Today, we’re enabling insurers to underwrite at a fraction of the cost of traditional methods and price policies more accurately.
“Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies. The EQT Ventures team brings unrivalled expertise and they’ve supported the growth of some of Europe’s leading businesses.
We’re looking forward to partnering with them on the exciting journey ahead.”
Cytora’s software is already being used some of the world’s largest insurers, including QBE, AXA, XL, MS Amlin, and Starr.
“We’re seeing a radical transformation in insurance, with organisations now expecting the same level of simplicity, transparency, and convenience from their business insurers as they’re getting from consumer insurers and digital banks,” said Lyle Fong, Partner and investment advisor at EQT Ventures.
“Changing core underwriting processes that have been set for decades is hard, but of all the founders I’ve met, Richard and Aeneas have the ambition, grit, and drive to do it.”
Other participants included existing investors Cambridge Innovation Capital, Parkwalk, and a number of unnamed angel investors.