InsurTech startup Cytora, which uses artificial intelligence (AI) to power its commercial insurance underwriting platform, has raised £25 million in a Series B funding round.

The investment was led by EQT Ventures, with participation from existing investors Cambridge Innovation Capital and Parkwalk, along with unnamed angel investors.

Announcing the round, the company said it would use the money to expand the scale of the business and move into new markets.

The startup, founded in 2014 out of the University of Cambridge, applies AI to the make the pricing and underwriting process more transparent, as well as adapting to the changing needs of different industries.

The company has built an end-to-end platform for insurance applications and quotations which rely on Application Programming Interfaces (API) to smooth data sharing.

Richard Hartley, co-founder and chief executive at Cytora, said: “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.”

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