Artificial Labs raises £8 million

Artificial Labs , a London-based company offering an underwriting software, announced the completion of an £8 million Series A+ funding round led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV.

The new capital will allow Artificial to further its position “as a leader in algorithmic underwriting” and excel towards its vision of a digital insurance market through product development and continued expansion. It will also enable the acceleration of the development and deployment of AI tools that Artificial is delivering to its brokers and underwriter partners.

“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.” – David King, Co-CEO and Co-Founder of Artificial.

“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.” – Reginald de Wasseige, Principal at Augmentum Fintech.