£94m for cyber InsurTech Envelop Risk
Summary
Envelop Risk says the Series B financing will facilitate its plans to expand its machine learning activity in London and Bermuda, with hopes to fuel growth into new markets globally and beyond cyber reinsurance. As part of the transaction, Neil Cunha-Gomes, investor for SoftBank Investment Advisers, will join Envelop Risk’s board of directors. The Envelop team combines decades of insurance and capital markets experience with cyber security, engineering, artificial intelligence, and data analytics experts from deep tech enterprises like defence, aerospace and energy. “We are all really excited to work with SoftBank Investment Advisers and together meet the huge opportunities that we see present in emerging and complex risk underwriting.” Karol Niewiadomski, senior investor for SoftBank Investment Advisers, said: “While companies all over the world are improving their digital preparedness, the cyber threat landscape continues to evolve at a rapid rate. “We believe Envelop Risk has developed a proprietary data-driven approach to meet this threat through an enhanced level of protection that directly translates to lower loss ratios.