Three year old AI startup Cytora has raised £2.4m in Series A funding in a round led by Parkwalk.
Cambridge Enterprise, iLexIR and a high-profile group of angels including Alan Morgan, Paul Forster and Matthew Grant, also participated in the round.
The London-based startup leverages machine learning to connect billions of data points in order to assemble datasets used by insurers.
Richard Hartley, CEO and co-founder, commented on the raise: “We help businesses gain a comprehensive understanding of risk, particularly in new and emerging markets, by leveraging the observation power of the internet. In the right hands, our data provides an information advantage which can drastically impact underwriting and trading decisions.”
Parkwalk investment director Martin Glenn commented on his reason to invest in Cytora, which spun out of Cambridge University.
“We are delighted to back Cytora and its founders through the Parkwalk Opportunities Fund and UCEF IV. This is Parkwalk’s first investment from the Judge Business School’s incubator and, alongside our investment partner Cambridge Enterprise, we are excited about the future prospects for Cytora and their leading event detection technology. We believe the talented management team has the potential to drive the business to commercial success,” he said.
The company also announced that Richard Gibson, former executive chairman of SwitfKey, acquired by Microsoft last year, would join its ranks as a non-executive chairman.
Today’s announcement comes after Cytora closed an undisclosed round in October 2015.