South West AI firm receives £800k funding boost from local investors

A South West company specialising in artificial intelligence (AI) solutions for the insurance industry has closed a funding round to the tune of £800,000, with backing from investors based within the South West region.

Intelligent AI, which has offices in Newquay and Exeter and is part of the Tech South West Growth Forge accelerator programme, has developed a digital solution for insurers and property owners to improve the speed, efficiency and accuracy of property risk assessments, leading to reduced costs and more appropriate policies.

The Cornwall and Isles of Scilly Investment Fund has led the investment round, along with Angel Investors Bristol, which Intelligent AI came into contact with through the company’s involvement in Growth Forge.

Anthony Peake, founder and CEO at Intelligent AI, said: “From tin mining to data mining, the South West has always been at the forefront of the UK’s innovation in key industries. 

“The networking opportunities and expertise gained through the Growth Forge programme has been fundamental to our growth trajectory this year, and was key to our introduction to Angel Investors Bristol and growth mentors.”

The latest funding round will allow Intelligent AI to double its South West team and increase its national footprint, taking the firm from ‘startup’ to ‘scaleup’ status. 

According to Intelligent AI, 80% of properties in the market today are underinsured by up to 50%, with many owners finding that payouts do not cover the cost of repairs when things go wrong.

By using a combination of AI, digital twins and advanced data analytics, the company claims a one-hour risk inspection by a chartered surveyor can now be conducted in as little as ten seconds, across millions of properties.

Mr Peake said: “Having access to accurate and cost-effective risk assessments is critical for property owners to be confident that their insurance policy is adequate and will cover the cost when damage occurs.

“Typically, a property owner would get updated valuations on a quarter of properties in a particular portfolio each year, leading to an incomplete picture of the risk to those properties and a certain amount of guesswork in pricing the policy.

“By using cutting edge technology and real-time data, we are supporting insurance providers to run accurate assessments on 100% of the properties in their portfolio, ensuring that each policy is made-to-measure and clients are not underinsured.”

The company has already secured a multi-million pound UK reseller agreement to take its intelligent platform to market. 

The firm now plans to double its workforce in Cornwall and Devon, bringing on board skilled developers, data scientists, and salespeople among other roles.

Dan Pritchard, director of Tech South West, said: “Intelligent AI represents the best of what can be achieved in the region through cutting-edge innovation and collaboration.

“Intelligent AI is now knocking on the door of the country’s biggest insurance providers and shaking up an industry worth £1.8 trillion in the UK alone.

“The continued success of Intelligent AI is testament to the innovation powerhouse we have in the South West, and the people who are driving this region forwards.”

Intelligent AI is a long-standing member of Tech South West, a membership organisation for tech companies across the region. The group works to foster collaboration and provide support across three key areas of talent, business development and funding.

Mr Peake said of the community: “We feel privileged to be part of such a forward-looking ecosystem in the South West, and contribute to the growing importance of the region as a hotbed of technological innovation.”
For more information on Growth Forge go to https://www.techsouthwest.co.uk/growthforge/

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