Cytora secures £25 million Series B investment led by EQT Venture

Portfolio company Cytora, that has developed an AI-powered solution for commercial insurance underwriting, has raised £25 million in a Series B round. New investorEQT Ventures led the round with Parkwalk, Cambridge Innovation Capital and a number of others investors participating.

A spin-out of the University of Cambridge, Cytora  was founded in 2014 and launched its first product in late 2016 to a number of large insurance customers, with the aim of applying AI to commercial insurance supported by various public and proprietary data. This includes property construction features, company financials and local weather, combined with an insurance company’s own internal risk data.

“Commercial insurance underwriting is inaccurate and inefficient,” says Cytora CEO Richard Hartley. “It’s inaccurate because underwriting decisions are made using sparse and outdated information. It’s inefficient because the underwriting process is so manual. Unlike buying car or travel insurance, which can be purchased in minutes, buying business insurance can take up to seven days. This means operating costs for insurers are extremely high and customer experience isn’t good leading to a lack of trust.”

To illustrate how inefficient commercial insurance can be, Hartley says that for every £1 of premium that businesses pay to insurers, only 60 pence is set aside to pay total claims. The other 40 pence evaporates as the “frictional cost of delivering insurance.”

Powered by AI, Hartley claims that Cytora is able to distill the seven-day underwriting process down to 30 seconds via its API. This enables insurers to underwrite programmatically and build workflows that provide faster and more accurate decisions.

Inivata Completes £39.8m Series B Funding Round led by RT Ventures

Funds will accelerate commercialization of InVisionFirst-Lung Liquid Biopsy test and the development of the InVision® liquid biopsy platform into new indications

Research Triangle Park, NC and Cambridge, UK, March 28, 2019 — Inivata, a leader in liquid biopsy, today announces the completion of a Series B fundraising of $52.6m (£39.8 million).

Existing investors Woodford Patient Capital Trust, IP Group, Cambridge Innovation Capital and Johnson & Johnson Innovation – JJDC all participated in the round alongside new investor RT Ventures. The first close of the financing occurred in August 2018, with the final tranche of the over-subscribed round being received in March 2019, based on strong delivery against corporate milestones.

The funds will be used to advance the US commercial roll-out of the Company’s InVisionFirst™-Lung liquid biopsy test, which recently received coverage determination for US Medicare patients with advanced non-small cell lung cancer (NSCLC), paving the way for the test to be used in routine clinical care. This liquid biopsy test uses a simple blood draw to detect clinically relevant cancer mutations to provide molecular insights relevant to that patient. InVisionFirst-Lung is commercially available in the US.

The Series B financing will also enable the Company to accelerate the development of the InVision® liquid biopsy platform into new indications to drive the future growth of the Company.

Clive Morris, Chief Executive Officer at Inivata, said: “This Series B financing allows us to commercialize our lead product in patients with advanced lung cancer, following our positive reimbursement decision. We also have an exciting portfolio of future products that will be advanced in parallel to maximize the benefits of our industry-leading InVision Liquid Biopsy platform to patients. We are grateful to our existing investors for their continued support and are delighted to welcome RT Ventures to our already strong investor base. With these funds in place, we look forward to continuing our mission to transform the lives of cancer patients through the power of liquid biopsy.”

About Inivata
Inivata is a leader in liquid biopsy. Its InVision® platform unlocks essential genomic information from a simple blood test to transform the care of cancer patients. The Company’s technology is based on pioneering research from the Cancer Research UK Cambridge Institute, University of Cambridge and reinforced by multiple high calibre publications. Its lead product, InVisionFirst™-Lung, is commercially available and provides molecular insights that enable clinicians to make more informed treatment decisions for NSCLC patients. Inivata is partnering with pharmaceutical and biotechnology companies on InVisionFirst™-Lung and its wider platform, which is applicable to a range of cancer types. The Company has a CLIA laboratory in Research Triangle Park, NC and laboratories in Cambridge, UK. For more information, please go to www.inivata.com. Follow us on Twitter @Inivata.

Media Contacts:
Consilium Strategic Communications
Chris Gardner/Angela Gray/Sarah Wilson
inivata@consilium-comms.com +44 (0)20 3709 5700

Karen Chandler-Smith
karen.chandler-smith@inivata.com +44 (0)7900 430235

Investor Contact:
LifeSci Advisors
Bob Yedid
bob@lifesciadvisors.com +1 646-597-6989

Imagen secures £6.5m in Series B funding round from Downing Ventures

London, January 21, 2019 – Imagen, the leading SaaS video management platform business, has secured £6.5 million in a Series B round. The company received funding from an investor pool led by Downing Ventures. The round also included capital from Guinness Asset Management Ltd and participation from existing investor, Cambridge Innovation Capital.

The investment represents a major milestone for the company, following significant growth in 2018 that saw Imagen post an 88% year on year revenue increase driven by clients including Formula One, The Premier LeagueWorld Tennis AssociationBPReutersBBC and IMG, part of Endeavor.

The investment follows a growth trajectory that has seen Imagen establish a significant foothold in the video management sector and become an essential piece of technology for sports, media and enterprise businesses looking to manage their expanding video and content libraries.

Charlie Horrell, CEO of Imagen, comments, “This funding is clear recognition of the value our partners and prospects see in the platform. We have a world class roster of clients across the sports, media and enterprise sectors and have a healthy pipeline going into 2019. We look forward to accelerating our global operations and are thrilled to be working with new investors to continue shaping the future of video management.”

Richard Lewis, Investment Director at Downing Ventures, added, “We are delighted to be backing Imagen and the exceptional management team that has developed a market leading video management platform. We are now focused on supporting Imagen’s exciting UK and international expansion plans.”
Victor Christou, CEO of Cambridge Innovation Capital, adds, “Imagen was one of the first companies into which CIC invested. It has made great progress since our initial investment, transforming itself into a globally leading SaaS video management platform with a greatly enhanced client list. We are delighted to continue to support the company as it expands from its UK base into international markets.”

Malcolm King, Fund Manager at Guinness Asset Management said, “Imagen is an acknowledged leader in video management with an enviable customer base. We are delighted to have completed our growth capital investment into the company and look forward to working with the Imagen team, CIC and Downing Ventures to help the company realise its international growth ambitions. The deal demonstrates our ongoing ability to source and deliver high quality investments for our EIS investors.”

Eddie Harding, Partner at ICON Corporate Finance who advised the company on the round, added, “I’m delighted to have helped Charlie and his team raise this funding from these three highly respected tech investors. The research shows that video continues to grow exponentially, and Imagen’s enterprise grade video management platform is ideally placed to meet the explosive demand of this sector.”

The funding will enable Imagen to expand its global operations and make significant inroads into the US and European markets. Imagen will be establishing a customer led sales and marketing presence in the US, as well as accelerating product development and the growth of its technology division.

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About Imagen

Imagen is an intuitive video management platform that enables sports organisations, media companies and enterprise sectors to intelligently manage their video content with enhanced functionality, control, and insight. Imagen is being used by global organisations to manage and distribute their expanding video and media libraries – enabling fast, easy, secure and controlled access to content through the highly customisable platform.

Imagen’s customers include Formula One, The Premier League, World Tennis Association, BP, Reuters, BBC and IMG, part of Endeavour. The secure platform is also used by the Ministry of Defence, and preserves archive collections for Imperial War Museums, the British Library and the BFI.

For more information visit www.imagenevp.com

About Downing Ventures

Downing Ventures is a London based evergreen fund investing in seed to series A (and beyond) companies, providing entrepreneurs with a ladder of funding. The fund has backed over 60 ambitious businesses (as at January 2019) across a variety of technology sectors including online marketplaces, enterprise software, and health technology.

About Guinness Asset Management

Guinness Asset Management provides a range of long only actively managed funds to individual and institutional investors. We also offer an Enterprise Investment Scheme (EIS service) investing in private growth stage and AIM-listed companies. Founded in 2003, Guinness is independent and is wholly owned by its employees. We believe in in-house research, intelligent screening for prioritisation of research and well-designed investment processes. We manage concentrated, high conviction portfolios, with low turnover and no benchmark constraints. Since our establishment we have developed a variety of specialisms in global growth and dividend funds, global sector funds and Asian regional and country funds.

For enquiries regarding Guinness EIS Service contact Shane Gallwey, Tel: +44 (0)20 7222 3475, Email: eis@guinnessfunds.com

About Cambridge Innovation Capital plc

CIC combines a unique relationship with the University of Cambridge with deep financial and industry links to support rapidly growing intellectual property rich companies in the Cambridge Cluster. The company is committed to building leading businesses from brilliant technologies, with the benefit of some of the most influential figures in the sector and a patient capital structure.

For more information please visit www.cicplc.co.uk or follow us on Twitter at @CambsInnovation

About ICON Corporate Finance

ICON Corporate Finance is a boutique investment bank which acts exclusively for technology companies. Its clients are changing the world and ICON helps them secure funding to build great companies and realise maximum value when they come to sell.