Nuon AI closes £1M pre-seed round
UK, 8th March 2022: Nuon AI has announced it closed an oversubscribed £1m pre-seed round today. Nuon extended the round led by Haatch Ventures to grow the team following earlier than expected customer traction in the UK and US. Several high-profile investors and angels supported the round including; Portfolio Ventures, Chris Adelsbach, Partner at Outrun Ventures, Andy Homer, ex-CEO of Towergate Insurance and Evelyn Bourke, former group-CEO of Bupa.
The team of four have found significant interest in its suite of AI products, collectively aimed at revolutionising the entire insurance product lifecycle from pricing, claims, MTAs and renewals.
“We had a great year in 2021. We progressed development with our pricing and claims product and have customer traction in the UK and US,” said Nuon Partner, Paul Doran, speaking about the round. Adding: “Gaining early customer validation has happened much faster than anticipated, and the extended round means all our focus is on product development, team and customer growth in 2022.”
Nuon’s technology platform uses AI to augment traditional pricing, underwriting and risk processes. There is no ripping or replacement of legacy infrastructure. At its minimum, insurers make two API calls to benefit from Nuon’s algorithmic, real-time price adjustments. Nuon uses a branch of AI known as Reinforcement Learning (RL) to make and learn from thousands of micro pricing and product factor adjustments.
Insurance industry angels and new venture investors further validate the business’s potential. Speaking about their investment in the round, co-founder of Portfolio Ventures, Will Brooks, said: “Nuon have demonstrated the benefits of having an established team with deep sector experience. We invested in the round as we are active in insurtech and see huge potential for the application of AI in insurance.”
Simon Penson, Partner at Haatch said “Nuon is well on the way to revolutionising the insurance industry. They have shown that they have been able to get good early traction in the US and UK market and we are thrilled to be enabling further growth. It is very rare to find a team that has so much experience together including successfully exiting businesses. We are delighted to be investing in and working with the team at Nuon.”
Nuon will invest the capital to grow operations, sales, marketing, and engineering functions. The team operates a 100% distributed model, with a presence in the UK and Canada.
About Nuon AI
Nuon launched in 2021 with a distributed team across two countries building its AI solution for the global insurance industry. Its co-founders have worked together for 20 years, across three startups and five insurance technology companies. Nuon is backed by investors including Haatch, Portfolio Ventures, Chris Adelsbach – Partner at Outrun Ventures, Andy Homer – ex-CEO of Towergate Insurance and Evelyn Bourke – former group-CEO of Bupa.
Nuon’s vision is to apply AI across the full Insurance Product Lifecycle, from the quote and purchase stage to claims and renewal. Like adding an advanced ‘digital brain to pricing and underwriting’, Nuon runs millions of experiments to provide insurers worldwide with a deep insight and competitive advantage.