Intelligent AI scoops £2m for Cornwall expansion
Insurance software startup Intelligent AI has collected £2m from investors to establish a base of operations in Cornwall and generate 27 jobs in the next three years.
The company uses AI and satellite image data to assist in commercial property insurance underwriting.
“Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities, including in the US,” said Anthony Peake the CEO of Intelligent AI.
Investment in the £2m round includes a £500,000 contribution from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) managed by The FSE Group, FSE’s Angel Investor Network, SuperSeed and unknown private investors.
Intelligent AI was founded by Anthony Peake in 2020. Last year it graduated from the Lloyd’s Lab Accelerator, the high-street bank’s tech startup initiative. Funding for the Exeter-based startup follows a £2m round in December.
John Acornley, chair of the CIOSIF Advisory Board, said: “Intelligent AI are using artificial intelligence and real-time data analytics to help insurers, brokers and corporates predict, manage and mitigate commercial property risks. It’s a global market with significant opportunities for growth.”
The £40m Cornwall & Isles of Scilly Investment Fund is a joint venture between the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership. It makes debt or equity investments from £25,000 to £2m.
British Business Bank also operates the £200m South West fund.
Today the British Business Bank’s subsidiary British Patient Capital announced its investment of £30m into Northern Gritstone.