Intelligent AI has secured a £500,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), from appointed fund manager the FSE Group, as part of a £2m funding round.
The South West software business was established in 2020 by Anthony Peak, and provides a risk underwriting platform for the commercial property insurance sector, incorporating artificial intelligence to aid the decision-maker process for insurers.
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.
Drawing on data from satellite image analysis, real time smart meters, open data and proprietary algorithms, Intelligent AI is able to automatically deliver over 300 datasets per building or asset, such as factories, warehouses, ports, or mines.
Datasets might include flood and weather risk, local crime rates and emergency response times. The customer benefits from mitigated health and safety risks, accurate insurance premiums and greater business continuity.
Anthony Peake, chief executive at Intelligent AI, commented: “It is great to be working alongside the CIOSIF team with an investment that has come at an exciting time. In the UK alone, some £50b of commercial property underwriting took place from 2016 to 2021 and resulted in losses of £4.7b.
"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.”
Anna Staevska, investment manager at The FSE Group, added: “Intelligent AI is an exciting young business with global potential. We were impressed with Intelligent AI’s management team, who have deep domain expertise and significant experience in the insurance sector.
"Furthermore, the company has an exciting suite of products which provide solutions to sector wide problems experienced around the world. We are delighted to be able to invest in the business and look forward to working with Anthony and the team to ensure they reach their goals for growth.”
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).
The fund recently provided £625,000 investment to Argentinian drones business Uali, which is set to open an UK office in Cornwall, after raising £1.55m in its latest funding round.
The company, which also has an office in Spain, will be based at the Newquay Aerohub, where it will have a drone testing facility. Uali said the move would bring 20 jobs to the area over the next three years.
John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Intelligent AI are using artificial intelligence and real time data analytics to help insurers, brokers and corporates predict, manage and mitigate commercial property risks. It’s a global market with significant opportunities for growth.”
Paul Jones, senior manager at the British Business Bank, said: “This is a great example of a business that has harnessed technology to drive a smarter approach in a traditional sector. We’re delighted to be supporting Intelligent AI’s growth in Cornwall, including the creation of quality jobs.”
The Cornwall and Isles of Scilly Investment Fund, supported by the European Regional Development Fund, as part of the European Structural and Investment Funds Growth Programme 2014-2020, is providing debt and equity finance, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
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