Speciality analytics InsurTech firm Concirrus has received a £4.8m ($6m) investment from FinTech investor CommerzVentures.

Using AI and machine learning, the company has developed a behavioural-based underwriting platform called Quest which delivers pricing, portfolio management and predictive analytics.

The software is built to serve marine and automotive insurers.

Andrew Yeoman, CEO at Concirrus said the investment was a “clear vote of confidence” and the firm said it had signed “many” new customers in the last quarter.

This latest investment by CommerzVentures follows the recent announcement which saw AlbionVC lead on a $20 million Series B funding and included participation from current investors IQ Capital, Eos Venture Partners and several angel investors.

The deal was supported by Royal Park Partners who acted as exclusive financial advisors to Concirrus and its board of directors.

Heiko Schwender, Partner at CommerzVentures, said: “We believe Concirrus has the best solution to manage risk in the marine insurance industry.

“Ultimately, it will serve insurance carriers in a variety of supply chain industries. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”