LONDON, UK: Augmentum Fintech plc, Europe’s leading publicly listed fintech fund, has made a £4 million investment into London based insurtech Artificial Labs.

Augmentum has led Artificial’s £8 million Series A+ round, which also includes participation from existing investors MS&AD Ventures and FOMCAP IV, alongside other investors.

Insurtech Artificial is an established underwriting technology provider for the London Insurance Market. The London-based insurtech partners with global insurers and brokers to facilitate algorithmic placement of commercial and specialty risk, backed by their powerful contract builder and underwriting platform.

This Series A+ round will allow Artificial to accelerate their growth, to continue to buildout its product range and further consolidate its position as a leader in algorithmic underwriting software as the insurance market migrates towards digital solutions.

Tim Levene, CEO of Augmentum Fintech, said: “We are delighted to lead Artificial’s latest round. The insurance market remains ripe for further digitisation and the introduction of algorithmic underwriting will improve efficiency for all participants. Artificial are building an exceptional team and stand out as one of the key disrupters in this space”.

Augmentum Fintech makes a further £4 million investment into digital bank, Zopa