Cambridge Innovation Capital (CIC), the VC firm investing in the UK’s highest-potential deep tech and life sciences companies, announces that its portfolio company Cytora, the leading digital risk processing platform for the insurance industry, has been acquired by global cloud-based software provider, Applied Systems. CIC first invested in Cytora’s £4 million Series A round in 2017 and followed on with an additional investment in its £25 million Series B in 2019.  

Cytora is an AI-platform that enables insurance carriers, Managing General Agents (MGAs) and brokers to digitise their intake and streamline the full policy lifecycle – from submissions to claims servicing, mid-term adjustments, endorsements and renewals. The Cytora platform transforms information from disparate data sources into decision-ready insights, fulfilling each participant’s view of risk. Carriers that work with Cytora have experienced significant cost and time reductions, resulting in an increase in written premiums at more profitable rates.   

The acquisition expands Cytora’s ability to provide its platform to insurers, brokers and reinsurers to digitise their entire intake on a global basis across countries, workflows and lines of business. Bringing together Cytora’s AI-enabled risk digitisation platform, together with Applied’s learning suite of insurance solutions for agencies, carriers, and MGAs, will unlock growth and create significant productivity for all stakeholders in the industry.   

Ian Lane, Partner at Cambridge Innovation Capital, says, “Cytora is a fantastic example of an AI spinout from the University of Cambridge that has scaled globally. After identifying product-market fit, Cytora has partnered with some of the top insurance firms to deliver real ROI across enterprise workflows. It has been a pleasure supporting Richard Hartley and his team, and we look forward to seeing what the next stage of growth looks like with Applied Systems.”  

Richard Hartley, CEO and co-founder, Cytora, says, “Cytora has focused on helping build a bigger, more impactful global insurance industry, enabling commercial insurers to accelerate the transition to digital risk flows so they can absorb higher volumes of risk, measurably increase written premium while reducing expenses and time to quote. Our vision directly aligns with Applied’s vision to connect and automate the Digital Roundtrip of Insurance, and we are excited to join Applied to significantly expand the value of insurance AI at each stage of the risk lifecycle, bringing the industry closer together and enabling more profitable growth for all stakeholders.”