Intelligent AI, the Exeter-based commercial property risk company, has raised close to £1m. Its backers include RLC Ventures, FomCap and several angel investors, and it has received £295,000 in grants, including from Innovate UK. The company is launching in the UK and the US and is recruiting developers to build its core team in the South West.
Intelligent AI was founded by Anthony Peake, previously Managing Director of Exeter-based Software Solved. He has also held senior roles at Apple, GE, BT and Oracle. The company’s Intelligent Risk platform uses 300 real-time data sources, from weather and flood risk to crime rates and fire service response times. Insurers use it to price commercial property on current, complete information, which narrows the gap between the premiums they charge and the claims they pay.
“The insurance industry has been slow to transform, especially in the commercial space,” said Anthony.
The Grenfell Tower fire was part of his reason for starting the company. The disaster showed how incomplete and historic data can fail to reflect the true risk in a building. “Having real-time, accurate data on risks, and risk mitigation, could ultimately help to prevent catastrophic incidents like Grenfell Tower,” he said.
Intelligent AI employs seven people and is now hiring developers in the region. “There are highly skilled people here,” said Anthony. “The developers we are hiring love working on innovation. The biggest challenge is growing that talent, which is exactly what we want to do.”
Reece Chowdhry, Founding Partner of RLC Ventures, said: “The company is enabling large insurers with outdated legacy systems to uniquely price premiums effectively through access to real time data. Intelligent AI enhances the ability for insurers to price insurance more effectively as well as preventing large payouts through real-time analytics, facilitating more effective management of clients.”
Dr Ben Voysey, Incubation and Acceleration Manager at SETsquared Exeter, where Intelligent AI is a member, said: “Anthony and the team have made rapid progress with their intelligent risk platform and we are delighted that another high growth technology business has chosen to remain in the South West as it begins to expand its core team.”