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Intelligent insurance

Cytora, an artificial intelligence company that was on the Accelerate Cambridge programme at Cambridge Judge, announces new $4.4 million funding round.

Intelligent insurance

Cytora, an artificial intelligence company that was part of the Accelerate Cambridge programme at Cambridge Judge Business School, announced a new £4.4 million funding round as it expands globally.

The new investors include Starr Global Holdings, QBE Ventures, Cambridge Innovation Capital, Cambridge Enterprise, and Parkwalk Advisors.

The chairman of Starr Companies is Maurice R. Greenberg, former CEO of insurance giant AIG, who said: “We can really see the benefits that artificial intelligence and other similar technological advances bring to the industry. We believe that Cytora can use this information in a powerful way to provide a competitive edge to Starr and its other clients.”

The new funding comes as the firm prepares to deploy its Cytora Risk Engine internationally with a core group of insurers and across property and casualty lines. The company uses artificial intelligence to identify patterns of good and bad insurance risk over time.

“We are proud to be supported by pioneering technologists and leading insurers that share our vision for a new standard in risk selection and pricing that is underpinned by objective data and machine intelligence,” said Richard Hartley, CEO of Cytora.