We’re delighted to announce that Nuon has just closed an oversubscribed £1m pre-seed round. We are welcoming new investors and angels on board to support our mission to revolutionise the insurance lifecycle through smart AI.
Thanks to earlier than expected customer traction in both the UK and US, our initial funding round of £300k led by our partners at Haatch Ventures was extended to support our growth trajectory.
We’re proud to say that several high profile insurance industry angels and new venture investors supported this round, including Portfolio Ventures, Chris Adelsbach principal at Outrun Ventures, Andy Homer, ex-CEO of Towergate Insurance and Evelyn Bourke, ex-Group CEO of Bupa. This really validates Nuon’s potential.
Will Brooks, co-founder of Portfolio Ventures told us: “Nuon has 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.”
Our founding team has worked together for 20+ years across three startups and five insurance technology companies. Now, with Nuon AI, we are enjoying significant global interest in our suite of AI products. With a vision to revolutionise the entire insurance product lifecycle from pricing, claims, MTAs, and renewals, our AI can be applied in many different ways to suit the needs of global customers across the insurance industry:
Maximise profitability with live adjustments to insurance product pricing.
Protect click to bid ratio by stopping a quote from presenting where there is a high probability it will not be purchased.
Gain powerful MI insights, run experiments on live data and get alerts to competitor price changes.
Simulate price and factor adjustments to validate underwriting, test pricing strategy and run lean experiments.
Here’s what Nuon Partner, Paul Doran, said about the round: “We enjoyed an excellent 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. The extended round means all our focus is on product, team and customer growth in 2022.”
How does Nuon’s AI insurance platform work?
Nuon’s technology platform uses AI to augment:
- Traditional pricing
- Risk processes
There is no ripping or replacement of legacy infrastructure – Nuon integrates with existing IT. In its simplest form, insurers make two API calls to benefit from Nuon’s algorithmic, real-time price adjustment service.
Nuon uses a branch of AI known as Reinforcement Learning – RL – to make and learn from thousands of micro pricing and product factor adjustments.
Check out How Nuon AI works…to discover more about how Nuon’s AI technology could benefit your insurance business.
What’s next for Nuon AI?
This pre-seed round will enable us to bring our suite of AI products to insurers, brokers, independent software vendors and MGAs worldwide even faster. We’ll be investing in…
- Enhancing our product suite: Nuon’s product roadmap spans the entire insurance life cycle, building AI technology products to deliver new profits and value for insurers and delivering far better and fairer experiences for end customers.
- Seamless customer experience: Continuously finding new ways for customers to quickly and easily gain insights, run experiments and make changes to improve COR and enhance profitability.
- The Nuon Method: Our commitment to growing a fulfilled, happy and effective distributed team across operations, sales, marketing and engineering. Did you know we work 100% remotely and have team members in both the UK and Canada?