– UK, London – Envelop Risk, the leading data-driven underwriting and risk analytics business, today announced a Series A investment of c. $6 million led by AI-specialist investor Alpha Intelligence Capital.
Alpha Intelligence Capital will invest as lead with additional support from existing investors including MS Amlin and Dymon Asia Ventures.
The financing will be used to further Envelop Risk’s investment in proprietary machine-learning and data-driven underwriting activity in London and Bermuda, fueling growth into new markets globally.
Envelop Risk offers bespoke underwriting solutions focused on the global cyber reinsurance market. The Envelop team includes globally recognized insurance expertise and unparalleled industry experience in Artificial Intelligence and data analytics, in partnerships with specialist underwriters. In less than 3 years, Envelop Risk has become a dominant force in cyber reinsurance. The Series A fundraising will allow Envelop Risk to grow both within and beyond cyber (re)insurance and to grow internationally.
CEO, Jonathan Spry, said, “We are thrilled to have received the support of AIC, a recognized leader in AI investment, and are pleased to become their first major InsurTech investment. Having the benefit of Antoine Blondeau as an advisor and the support of the whole AIC team will greatly help Envelop Risk through its next stage of growth.”
He added: “The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal”.
Envelop expects that companies of all sizes will eventually safeguard against increased risk through robust cyber insurance policies. Jonathan Spry commented further that “Envelop is a natural partner for traditional insurers and underwriters to disrupt the market space of cyber-insurance- we’ve helped reimagine and reshape how cyber-risk is priced in a traditionally opaque and complex market. Now, we would like to move onto our next chapter and partner with underwriters globally to reach more companies at risk of cyber breaches, cyber-attacks and other emerging areas of supply-chain complexity.”
“We at AIC have been impressed with the Envelop team’s ability to combine advanced algorithmic science with deep cybersecurity domain expertise. The resulting ‘engine’ is foundational not just to cyber risk insurance but also to the broader speciality and emerging risk insurance ecosystem. We look forward to supporting Envelop as it further expands its product and commercial reach globally”, said Antoine Blondeau, co-founder and managing partner of Alpha Intelligence Capital.
Alpha Intelligence Capital is a global venture capital fund investing exclusively in disruptive Artificial Intelligence/Machine Learning technology-based companies. AIC has approximately $185million under its main fund with access to large pools of co-investment capital. AIC’s teams operate out of San Francisco, Hong Kong, and Paris. AIC has currently invested in over 14 companies globally, in the US, Israel, Europe and China.
For more information: https://aicapital.ai
About Envelop Risk
Envelop Risk is a global speciality cyber and emerging risk insurance analytics and underwriting firm, headquartered in Bristol, UK, with offices in London, New York, and Bermuda. Envelop Risk was founded on the belief that the security of information systems is critical for ensuring economic progress. Leveraging the collective knowledge and experience of its founders, Envelop Risk’s proprietary model addresses the complexity of cyber and another emerging risk by combining artificial intelligence, security analytics, intelligence gathering, economic, financial, and behavioural analysis; and modelling and simulation.
Envelop Risk applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and information security.
For more information: https://www.enveloprisk.com
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