The raised capital was generated following earlier-than-expected customer traction in the UK and US. Several high-profile investors and angels supported the round, including Portfolio Ventures; Chris Adelsbach, partner at Outrun Ventures; Andy Homer, ex-CEO of Towergate Insurance; and Evelyn Bourke, former group CEO of Bupa, contributed to the round.
Nuon AI recent technology startup
A new contender in the insurtech marketplace, Nuon AI was launched in 2021 and has a distributed team across two countries building its AI solution for the global insurance industry. Its co-founders have worked together for 20 years across three start-ups and five insurance technology companies. Nuon is backed by investors including Portfolio Ventures; Chris Adelsbach, partner at Outrun Ventures; Andy Homer, ex-CEO of Towergate Insurance; and Evelyn Bourke, former group CEO of Bupa.
The aim of Nuon AI is to apply AI across the full Insurance Product Lifecycle, from the quote and purchase stage to claims and renewal. Its solutions include adding an advanced ‘digital brain to pricing and underwriting’. According to reports, Nuon also runs millions of experiments to provide insurers worldwide with deep insight and competitive advantage.
Nuon AI technology solutions
Nuon's technology platform uses AI to augment traditional pricing, underwriting, and risk processes. There is no ripping or replacement of legacy infrastructure. At its minimum, insurers make two API calls to benefit from Nuon's algorithmic, real-time price adjustments. Nuon uses a branch of AI known as Reinforcement Learning (RL) to make and learn from thousands of micro pricing and product factor adjustments.
The insurtech has generated growing global interest in its suite of AI products, since its launch, collectively. Nuon will invest the capital to grow operations, sales, marketing, and engineering functions. The team currently operates a 100% distributed model, with a presence in the UK and Canada. Speaking about the funding drive, Nuon partner, Paul Doran, explained, "We had a great year in 2021. We progressed development with our pricing and claims product and have customer traction in the UK and US.
"Gaining early customer validation has happened much faster than anticipated, and the extended round means all our focus in 2022 is on product development, expanding our team, and customer growth."
Co-founder of Portfolio Ventures, Will Brooks, said their investment in the insurtech was driven by Nuon AI’s disruptive performance in the marketplace and the demand it has generated. "Nuon have demonstrated the benefits of having an established team with deep sector experience. We invested in the round as we are active in InsurTech and see huge potential for the application of AI in insurance.”
Simon Penson, partner at Haatch, agreed, saying, “Nuon is well on the way to revolutionising the insurance industry. They have shown that they have been able to get good early traction in the US and UK market and we are thrilled to be enabling further growth.”
He added, “It is very rare to find a team that has so much experience together, including successfully exiting businesses. We are delighted to be investing in and working with the team at Nuon.”