Broking and underwriting technology provider Artificial Labs has completed a Series B funding round worth approximately £33m. European fintech investor CommerzVentures led the round with support from Move Capital Fund I and existing investors. Artificial Labs said the investment would enable it to reinforce its position in the London Market and develop its international reach.

Artificial Labs provides proprietary technology to enable brokers and carriers to improve their placement and underwriting strategies. It allows them to digitise complex workflows and to optimise capacity deployment.

David King, co founder of Artificial Labs, said: “The investment allows us to scale in a way that keeps pace with our clients. We have the teams, the technology, and the stability to support the largest brokers and carriers as they modernise how they operate.”

Heiko Schwender, managing partner at CommerzVentures, added: “Artificial’s platform addresses a real, structural problem that has constrained efficiency in commercial and specialty insurance for decades. The team’s combination of deep insurance domain expertise and world class engineering is rare and it uniquely positions them to redefine this market.”