Continuity Secures €10M in Series A Funding for Risk Intelligence Software
Continuity, a company specializing in risk intelligence for property and casualty insurers, has successfully secured €10M in a Series A funding round. The investment, spearheaded by 115K and supported by existing investors Elaia and Bpifrance's Digital Venture fund, builds on the initial €5M raised in 2021. This additional financing will enable Continuity to enhance its AI capabilities, address new insurance challenges, and expand its team by adding 15 members to strengthen its position in France and extend its reach across Europe. CEO Benoît Pastorelli emphasized the company's commitment to transforming the P&C sector and supporting insurer partners, especially in managing large industrial and agricultural risks.
Key Takeaways
- The Series A funding of €10M was led by 115K and backed by Elaia and Bpifrance, following a previous investment of €5M in 2021.
- Continuity's risk intelligence tools are utilized by over 500 underwriters to monitor one million contracts.
- Major insurers such as AXA, Crédit Agricole, and Groupama rely on Continuity for enhanced risk assessment and monitoring.
- The new funds will facilitate the hiring of 15 additional team members and expansion into new European markets.
Analysis
The substantial Series A funding received by Continuity, led by 115K and supported by Elaia and Bpifrance, underscores the growing importance of AI-driven risk management in the P&C insurance sector. This investment not only reflects confidence in Continuity's risk intelligence platform but also sets the stage for potential industry-wide impact, influencing underwriting practices and claims costs. The company's expansion into new European markets presents lucrative growth opportunities, though it may encounter regulatory hurdles.
Did You Know?
- Series A Funding: This round signifies the first significant influx of private equity investment, often from venture capital firms, after a startup's initial seed funding. It is aimed at fueling the company's growth and development.
- Risk Intelligence: Utilizes data analytics and machine learning to assess and predict risks, particularly in insurance, aiding in the evaluation of potential losses and premium setting.
- Underwriters: Professionals responsible for evaluating and calculating the risk of insuring clients, utilizing tools like those offered by Continuity to assess the associated risks.