Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Cambridge AI Spinoff Cytora Raises £4.4M

London- and Cambridge-based AI startup Cytora has raised £.4.4 million in a funding round led by Starr Global Holdings and also backed byQBE Ventures, Cambridge Innovation Capital, Cambridge Enterprise, and Parkwalk Advisors among others.

Earlier this year, the company had already raised a £2.4m Series A funding.

The company, a Cambridge University spinoff, was founded in 2013 by Cambridge students Andrzej Czapiewski, Aeneas Wiener, Richard Hartley, and Joshua Wallace.

Called after a kind of butterly — a nod to the “butterfly effect”— Cytora leverages machine learning algorithms to extract datasets from the Web and spot geopolitical trends as they happen: from the incidence of data breaches over time, to the impact of labour strikes on a country’s economy.

It mainly caters to insurance companies interested in early risk detection; its customers include commercial insurers QBE, XL Catlin, and Starr.

Cytora will now use the fresh injection of cash to drive further expansion and improve its data science and engineering capacity, as it gets ready to deploy Risk Engine— an AI-fuelled system that will help insurers refine the way they select, target and price risk.

Cytora CEO Richard Hartley commented on the news in a statement: “Cytora’s technology opens up significant opportunities for the insurance industry. 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, ” he said.

“The calibre of our investors and advisory board is a testament to our team, our technology and the scale of our vision.”

QBE European Operations CEO Richard Pryce also released a statement: “This is an incredibly innovative use of the ubiquitous open source data available. Combining external information with our own internal intelligence gives a more complete view of a risk which in turn enables QBE to provide protection to our customers at a fairer price that reflects the true level of exposure,” he explained.

“The partnership with Cytora enables us to accelerate the adoption of advanced analytics in our business and complements the expertise we have been developing in-house.”

Image via bit.ly/2nO8Lys 

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