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InsurTech startup Concirrus nabs £5m in latest equity raise

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....