Purpose
The opportunity
Exeter based Intelligent AI is a global location intelligence platform that helps customers identify, measure, predict and mitigate property risks and property reinstatement costs in seconds.
Developed through Lloyd’s Lab – the Lloyd’s of London Innovation Lab – together with leading insurers, brokers and chartered surveyors, the Intelligent Rebuild Cost Platform automates the delivery of all the key property data and valuations to address the challenge of underinsurance
Rationale
Why we invested
We were impressed with Intelligent AI’s management team, who have deep domain expertise and significant experience in the insurance sector.
We join with the Cornwall & Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group, as part of a £2m funding round.
The £40m CIOSIF provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the area’s Local Enterprise Partnership (LEP).
Future
Use of funds
Headquartered in Exeter, Intelligent AI plans to use the CIOSIF investment, along with match funding from SuperSeed, The FSE Angel Investor Network and private investors, to set up an operational base in Cornwall, creating 27 new jobs over the next three years.
Further reading
Links
Intelligent AI website / LinkedIn
Intelligent AI
“Globally, approximately £270b of commercial property has been underwritten over the last five years, with losses in excess of £27b. Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities, including in the US”.
Anthony Peake | CEO & Founder
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