Nettle has raised $4.8m in an oversubscribed seed round led by specialist insurer investor MTech Capital, bringing the startup’s total funding to $6.8m after a $2m pre-seed round in March.
Nettle’s AI platform and capabilities
Nettle’s platform automates insurance inspections using AI and, the company says, helps insurers complete inspections “five-times faster.” The company’s AI workspace combines “remote risk identification, guided inspections, mobile evidence analysis and instant report generation,” standardises data collection for all stakeholders, automatically analyses that data and generates risk scores.
Earlier this year Nettle secured Allianz Türkiye as a client to run commercial property risk engineering operations. In a blogpost, co-founder Jack Miller said Allianz’s pilot programme showed up to a “threefold improvement in the speed” at which risk engineers completed property inspections.
Funding, investors and expansion plans
The seed round was led by MTech Capital and also included Sure Valley Ventures, Portfolio Ventures, Ventures Together and other angel investors. European early-stage VC Project A Ventures invested in a super pro rata capacity, the company said.
Nettle said the fresh funding will be used to expand operations across the US and Europe and to grow its engineering and go-to-market teams. The London-based company also has offices in New York.
“Nettle has built a platform that turns loss control into a competitive advantage,” said Miller. Kevin McLoughlin, founder and managing partner at MTech, added: “Using generative AI, top global insurers are adopting the Nettle platform, which requires minimal integration effort to transform physical data collection and analyses for large commercial risks.”
