Nuon AI raises £300k pre-seed investment and grows leadership team
Brighton UK, Wednesday 8th September 2021: Nuon AI has today announced it has secured its first round of investment from Haatch Ventures, a multi-award winning early stage venture fund. At the same time it has formalised the appointment of Paul Doran as Partner, responsible for Nuon’s growth and customer strategy.
Over the past 10 months the team at Nuon has developed an AI platform designed to improve the pricing performance of insurers, brokers and MGAs. The team’s vision is to build a full set of AI products which are a ‘force-for-good’ at all stages of the insurance product lifecycle from pricing, to claims through to renewal. Nuon’s AI technology sits alongside an insurer’s IT infrastructure and augments pricing and underwriting teams.
The investment from Haatch Ventures is an important step forward and comes from a great team. Haatch was founded in 2013. The team invests in early-stage technology companies that can exhibit highly scalable and disruptive models for growth. The entry point being an MVP with some early traction in the market requiring investment, through to Series A.
Speaking about his appointment, Paul Doran said:
“We are known entities as a team, we were part of the founding team of INSHUR. I have been working behind the scenes on investment and go-to-market strategy since the start of the year. I have been impressed with the technical development and pleased to be bringing to market a genuine AI innovation. Not only does the product deliver profit and performance gains for the insurer, it delivers fair value for the end customer.”
Simon Penson, Partner at Haatch said:
“We are delighted to be on the growth journey with Nuon. The business has created an easy-to-integrate AI platform via an API to better price risk. The team is highly impressive having already worked together and successfully exited another insurance platform. We are excited to be able to back them at this early stage on their next venture.”
The Nuon team has deep experience, having built and sold previous insurtech companies, the most recent being the sale of the technology which powered INSHUR, a digital MGA in the commercial auto industry in the UK and US space.
Nuon’s vision is to apply AI at every stage of the Insurance Product Lifecycle, from the quote and purchase stage to claims and renewal.
Once connected (via API), Nuon AI learns fast as it runs live experiments learning which factors are or are not performing, which quotes are or are not accepted. Insurers can choose to apply changes live at the quote stage or review retrospectively as validation for underwriting.
Nuon provides insurers, MGA’s and brokers with deep insight and competitive advantage like adding an advanced’ digital brain’ to pricing performance.