InsurTech startup BirdsEyeView has closed an investment round led by the European Space Agency.
The seven-figure investment round into the startup also included Big 5 Investors, InsurTech NY and ACF Investors and will be used to drive growth in the UK and US markets.
It will also further develop BirdsEyeView’s RAPTOR technology, which is set to democratise insurers’ access to NatCat modelling , exposure management, and underwriting automation.
The insurance industry is grappling with annual losses in excess of $100bn attributed to climate change.
BirdsEyeView’s RAPTOR technology addresses this by automating manual underwriting processes, and delivering usable access to powerful Nat Cat analytics and models at the quotation stage – all of which are critical for efficient risk selection.
This, in turn, enables a more precise and efficient risk selection process — aiding better risk management.
European Space Agency backs InsurTech trailblazer BirdsEyeView
The investment comes after a period of unprecedented growth since the product’s launch in 2022, marked by strategic partnerships with global insurers and brokers, including Liberty Specialty, Arch, Convex, Ark, Everest Re, Fidelis and many others.
James Rendell, CEO and founder of BirdsEyeView: “This capital injection will be used to fuel growth in the London and US property and casualty markets, and to accelerate the development of our exposure management and natural catastrophe modelling capabilities.
“This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters.”
Dr Albert Dow, CTO of BirdsEyeView: “When developing RAPTOR, we took a thoughtful approach, reimagining an underwriter’s workflow.
“We asked ourselves how technology and data could enhance and streamline the underwriting process. RAPTOR was born from this vision. By integrating these tools into an end-to-end software solution, we empower underwriters to focus on applying their expertise in risk assessment.”
Tim Mills, managing partner of ACF Investors: “We’re delighted to be a part of BirdsEyeView’s remarkable journey towards reshaping the sophistication and efficiency of the insurance industry.
“James and the team are delivering solutions that bring big benefits to insurers and their clients alike and overall add to the resilience of the market. BirdsEyeView’s RAPTOR technology in particular offers a vital tool in addressing the growing challenges posed by climate-induced risks.”