U.K.-based artificial intelligence startup Cytora Ltd. has raised $5.9 million in new financing from investors including QBE's venture capital arm and Starr Cos. Inc., according to a news release posted on Insurance Journal.
Cytora provides technology designed to help commercial insurers better target, select and price risk.
QBE Ventures, Starr Global Holding, Cambridge Innovation Capital PLC, Cambridge Enterprise and Parkwalk Advisors Ltd. all participated in the financing round. Other investors include Finnish software developer Ilkka Paananen, CEO of gaming studio Supercell, and Paul Foster, a co-founder of Indeed.com, an employment-related search engine.
In addition, QBE has entered into a commercial use agreement for the Cytora product. In 2018, the Cytora Risk Engine will be deployed across QBE property and casualty lines. The Cytora Risk Engine, which combines an insurer's internal data on a specific cover with external information, generates a risk score, providing additional insight into expected claims activity on the whole portfolio and also at an individual risk level, QBE said in a separate news release.
QBE Ventures is the venture capital arm of QBE Insurance Group Ltd. Starr Cos. is the marketing name for the companies and subsidiaries of Starr International Co. Inc.