Veridox, a Manchester-based platform specializing in AI-driven fraud detection for the insurance sector, has successfully raised £1 million in a Seed funding round. The investment was spearheaded by Outward VC, a London-based venture capital firm with a focus on early-stage fintech and enterprise technology companies. Solo Investments Holdings Limited, founded by Solly Solomou, also participated in the round.
Veridox plans to utilize the new capital to accelerate its product development, enhance sales efforts, and expand its team in anticipation of a broader market launch. The company, founded by Dan Sandler and Joey Clover, has crafted an AI platform capable of detecting manipulated documents and images with forensic accuracy. This technology is particularly valuable for insurers, as it aids in the swift detection of fraud and supports informed decision-making. Veridox’s AI-generated reports are compliant with UK Civil Procedure Rule 35, making them admissible as evidence in court. Currently, Veridox collaborates with 15 leading UK insurers as development partners.
