London-based InsurTech company Concirrus has raised £5m in equity funding, bringing its total raised to £12m.

The raise was co-led by Cambridge-based deep tech venture capital firm IQ Capital and InsurTech investor Eos Venture Partners.

Concirrus announced an agreement with EY in April this year. Concirrus’ software, Quest, uses AI to interpret datasets in ‘real-time’.

Concirrus has focused on developing two core products for marine and motor insurance since its last fundraise in 2016.

Concirrus CEO Andrew Yeoman said: “What makes us unique is our singular focus on the insurance market and the community we’ve built around our product. This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market. As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base.

“In IQ Capital and Eos Venture Partners, we have a perfect blend of insurance and deep tech expertise, and we have found true partners who are as passionate as we are about working with the industry to change the way that insurance operates. We’re delighted to be joining forces,” Yeoman said.

Max Bautin, partner at IQ Capital will join the startup’s board.

Bautin commented on the deal: “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”

“The multi-trillion-dollar insurance market is just entering the first phase of technological disruption and we are thrilled about the opportunities this presents to Concirrus and its partners.”  

Eos Partner Jonathan Kalman has also taken a Board position.

“What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption. We have spent a great deal of time with the Concirrus team over the past 12 months and we have found all of these qualities in their business.

“Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale – something that Concirrus is well on its way to achieving,” Kalman concluded.