Osborne Clarke has advised Cytora, a provider of AI-powered solutions for the commercial insurance industry, on its £25 million Series B funding round led by the EQT Ventures fund.
Other participants include existing investors Cambridge Innovation Capital, Parkwalk and a number of angel investors. The funding will be used to accelerate expansion of Cytora’s product suite and scaling into new geographies.
Cytora was founded and spun out of the University of Cambridge in 2014 by a team of machine learning scientists, data engineers and strategists. The founding team recognised that – unlike the simplicity of consumer car insurance – applying for commercial insurance is an arduous process that can take weeks. With its non-transparent pricing and use of outdated models, commercial insurance had not been adapted to the needs of modern society.
The Osborne Clarke team was composed by Partner Mathias Loertscher (Picture), Associate Director Tom Try and Associate Josephine Healyfrom Osborne Clarke’s Corporate team advised Cytora. In addition, Senior Associate Dan Sharman and Partner Michael Carter advised on incentives.
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