FSP’s Head of Venture Capital and Private Equity, Penelope Garden has advised The Cornwall and Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group, on a further investment into Intelligent AI, a South West artificial intelligence (AI) firm which has offices in Newquay and Exeter, as part of an £1,000,000 funding round with co-investments from a group of South West investors including Angel Investors Bristol, which Intelligent AI came into contact with through the company’s involvement in Growth Forge.
Part of the Tech South West Growth Forge accelerator programme, the company specialises in AI services for the insurance industry.
The business has developed a digital service for insurers and property owners to improve the speed, efficiency and accuracy of property risk assessments, leading to reduced costs and more appropriate policies.
Intelligent AI will double its South West team and increase its national footprint with the latest funding round, taking the firm from ‘startup’ to ‘scaleup’ status.
The business has already secured a multi-million pound UK reseller agreement to take its intelligent platform to market and now plans to double its workforce in Cornwall and Devon, bringing on board skilled developers, data scientists, and salespeople among other roles.