TECH BYTES
NEWSFEED
Cambridge tech start-ups drove a sharp increase in venture capital investment in the region in the first quarter of the year. Companies in the east attracted £125m of funding from VCs spread across 19 deals, 15 of which involved city firms. The figures, from the latest KPMG Venture Pulse report, compare favourably to the 12 deals worth £36m recorded in the same period of 2018. The biggest investment was in liquid biopsy specialist Inivata, which received £39.8m, while Featurespace, developer of an AI system that detects fraud, attracted £25m. to grips with new technologies. The Cambridge-based Eastern Academic Health Science Network, an organisation driving innovation in the NHS, has launched TechBuddy, which pairs up tech industry figures with healthcare staff. It aims to bridge the gap between the technology skills and the needs of the NHS by sharing knowledge and improving understanding for the benefit of patients. For more details about taking part, email helen.oliver@eahsn.org Software development agency Softwire is the latest firm to join the Cambridge Cluster. The company, which provides digital design and software engineering services, has set up a base in Cambridge Science Park after a period of sustained business growth. Managing director, Zoe Cunningham, said: “Cambridge is a booming target for tech start-ups, providing a wonderful opportunity for business growth. Encompassed by a vast hub of students, there is great potential to unlock the talent of today and turn more people towards the tech profession.” water. The first workshop, Tech for Air, takes place on Thursday 16 May at the Bradfield Centre, Cambridge Science Park. It looks at how technologies can be used to monitor air quality networks in developing regions. Delegates are split into teams and help create solutions to specific challenges currently faced by start-ups working on tech for air. Tech for Earth is on Wednesday June 19. To find out more, visit cambridgewireless.co.uk CW Unplugged is returning for 2019, with a focus on air, earth, fire and Innovators in the region are being invited to help the NHS get
AI INSURANCE FROM CYTORA expansion of Cytora’s product suite and help it target new countries. Richard Hartley, co-founder and
Insurance is the latest sector to be touched by artificial intelligence, thanks to a University of Cambridge spin-out that has just raised £25m to scale up its operations. Cytora, which has developed an AI system for commercial insurers, has received the cash in a Series B round led by the EQT Ventures fund. Other participants include existing investors Cambridge Innovation Capital, Parkwalk Advisors and a number of angel backers. The funding will be used to accelerate
CEO of Cytora, said: “We’re looking forward to widening our impact and helping accelerate the insurance industry’s digital transformation.” Founded in 2014 by a group of Cambridge University machine learning scientists, data engineers and strategists, Cytora is using its AI platform to modernise the world of commercial insurance underwriting. Traditionally, applying for this type of insurance is slow and complex. Cytora’s system analyses public and proprietary data, including property construction features, company financials, and local weather, and combines it with an insurance company’s internal data to make the process quicker and more accurate. The company’s software is already used by large insurers, including QBE, AXA XL, MS Amlin and Starr. “We’re enabling insurers to underwrite at a fraction of the cost of traditional methods, and price policies more accurately,” added Hartley. “Over the next 24 months, we’re going to scale across the insurance value chain and move into new geographies. The EQT Ventures team brings unrivalled expertise and it’s supported the growth of some of Europe’s leading businesses. We’re looking forward to partnering with them on the exciting journey ahead.”
We're looking forward to widening our impact and helping accelerate the industry's digital transformation"
ABOVE Cytora was founded in 2014 by machine learning scientists, data engineers and strategists, including Richard Hartley (left) and Aeneas Wiener (right)
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