NEW AI PLATFORM

Software business Intelligent AI has secured a £500k equity investment by the Cornwall & Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group as part of a £2 million funding round. The CIOSIF investment, along with matchfunding from SuperSeed, the FSE Angel Investor Network and private investors, will be used to set up an operational base in Cornwall, creating 27 new jobs over the next three years.

Established in 2020 by CEO Anthony Peake, Intelligent AI provides a risk underwriting platform for the commercial property insurance sector, incorporating artificial intelligence to aid the decisionmaking process for insurers.

Intelligent AI says the commercial property insurance market currently suffers significant losses in risk management caused by inefficiencies in recording and analysing data sets. Underwriters spend 80% of their time gathering fragmented data, usually a manual process, and less than 20% of their time underwriting policies.

Intelligent AI offers a platform using advanced predictive algorithms, risk data and visualisations to empower their clients to achieve more intelligent outcomes and act on what matters most.

Peaken said: “Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities.”