PeppercornAI raises more than £3m to develop AI platform

PeppercornAI has raised £3.25m to further develop its artificial intelligence (AI) platform.

The money was secured during a funding round, which was setup after the insurtech noticed a pipeline of B2B demand in the UK and from overseas for its services.

The firm will use the funding to further develop its conversational AI platform to support increased demand.

Nigel Lombard, chief executive and founder of PeppercornAI, said: “The insurance industry has barely changed since insurance started being sold online thirty years ago.

”Technology, specifically AI, has the potential to completely change the way consumers buy and manage their insurance policies and can also deliver significant benefits to providers at the same time.”

Funding

The funding, of which Wealth Club raised £1.9m, included high net worth investors, as well as existing investors EHE Capital and Angels Invest Wales. 

Guy Remond, founder of EHE Capital, said that raising such funds ”in the current climate is a glowing testament to the strength of the PeppercornAI team”.

Gayle Bowen, head of direct company investments at Wealth Club, added: “We believe PeppercornAI has the potential to transform the insurance industry and it became clear to us that Nigel and his team were the people to do it given their deep sector knowledge and network.

”The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics, significantly contributed to their success in securing investment.”

Lombard said: ”My thanks for the continual support of EHE Capital, to Angels Invest Wales and for the brilliant team at Wealth Club for making the raise so successful.”