UK-based insurtech Nuon AI launched in 2021 and extended the seed round following earlier-than-expected customer traction in the UK and US
Nuon AI, a UK-based insurtech AI solutions provider, has completed its seed investment round, raising US$1.3 million in a round headed by Haatch Ventures.
The funds were raised as a result of faster-than-expected client traction in the United Kingdom and the United States. Portfolio Ventures, Chris Adelsbach, partner at Outrun Ventures, Andy Homer, ex-CEO of Towergate Insurance, and Evelyn Bourke, former group CEO of Bupa, were among the investors and angels that contributed to the round.
Nuon AI recent technology startup
Nuon AI, a new entrant in the insurtech sector, was founded in 2021 and is developing an AI solution for the global insurance industry with a distributed staff spread over two nations. Its co-founders have collaborated on three start-ups and five insurance technology firms for the past 20 years. Portfolio Ventures, Chris Adelsbach, partner at Outrun Ventures, Andy Homer, ex-CEO of Towergate Insurance, and Evelyn Bourke, former group CEO of Bupa are among Nuon’s investors.
Nuon AI’s goal is to use AI throughout the whole Insurance Product Lifecycle, from quote to purchase to claims and renewal. Adding an improved ‘digital brain to pricing and underwriting’ is one of its options.
Nuon AI technology solutions
Nuon’s technology platform incorporates artificial intelligence (AI) to supplement traditional pricing, underwriting, and risk management processes. Legacy infrastructure will not be ripped or replaced. In order to profit from Nuon’s algorithmic, real-time price modifications, insurers must make at least two API requests. Nuon makes and learns from millions of micro price and product factor modifications using Reinforcement Learning (RL), a branch of AI.
Nuon AI insurtech growth strategy
Since its introduction, the insurtech has attracted increasing global interest in its range of AI solutions. Nuon will use the funds to expand its operations, sales, marketing, and engineering departments. The team is currently 100% distributed, with offices in the United Kingdom and Canada. “We had a terrific year in 2021,” Nuon partner Paul Doran said of the fundraising campaign. We’ve made progress with our pricing and claims offering, and we’ve gained traction with customers in the United Kingdom and the United States.
“We’ve gotten early client validation far faster than we expected, and with the extended round, we’ll be able to focus solely on product development, team expansion, and customer growth in 2022.”
Will Brooks, co-founder of Portfolio Ventures, said their investment in the insurtech was motivated by Nuon AI’s disruptive performance and the demand it has generated in the market. “Nuon has proved the value of having a well-established staff with extensive industry knowledge. We participated in the round since we are active in InsurTech and believe that AI has a lot of potential in the insurance industry.”
“Nuon is well on its way to revolutionising the insurance sector,” said Simon Penson, a partner at Haatch. They’ve proved that they can acquire good early traction in the US and UK markets, and we’re excited to help them develop even more.”
