Cambridge Innovation Capital and Parkwalk Advisors have both returned to back a $32.6m series B round for Cytora, an insurance technology spinout of Cambridge.
Cytora, a UK-based insurance technology spinout of University of Cambridge, raised £25m ($32.6m) in a series B round today backed by Cambridge Innovation Capital (CIC), the patient capital fund affiliated with the university.
Parkwalk Advisors, the fund management subsidiary of commercialisation firm IP Group, also participated in the round, which was led by venture capital firm EQT Ventures and included assorted angel investors.
Founded in 2014, Cytora has built a commercial insurance underwriting platform that relies on artificial intelligence technology to determine risks based on public data such as property construction features and local weather, and proprietary data held by insurance providers.
The platform enables programmatic underwriting, reducing the process from a seven-day workflow to a 30-second mechanism.
It is aimed at underwriters dealing with premiums of more than $650,000 and enterprise clients who are purchasing insurance products directly with average premiums of $1300 to $6500.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
