Nettle secures £1.45m funding to enhance risk assessment for insurers
- Nettle, an Irish-led start-up, raised £1.45m in pre-seed funding, led by Project A.
- The funds will be used to expand the engineering team and improve its AI-driven risk assessment platform.
- The investment reflects growing recognition of AI's role in transforming commercial insurance processes.
In London, England, on April 8, 2025, Nettle, an Irish-led AI-powered startup, announced the successful completion of a £1.45 million pre-seed funding round. This funding was primarily led by Project A and received additional backing from various angel investors connected with major insurance companies, startups, and the AI sector. The funds are earmarked for scaling up Nettle’s engineering team and enhancing its AI-driven risk assessment platform, which aims to alleviate significant pain points faced by commercial insurers in their risk assessment processes. Nettle was founded in 2024 by Jack Miller and Katya Lait, who are committed to modernizing the insurer risk assessment landscape. The innovative platform focuses on enabling remote risk identification, providing inspection guides, facilitating mobile evidence analysis, and generating reports rapidly. Jack Miller, Nettle’s CEO, emphasized the transformative potential of AI, asserting that it has moved beyond mere hype and is now delivering considerable efficiencies in data management for companies. Partnering with Project A, Malin Posern expressed confidence in Nettle's unique positioning at the intersection of technology and risk assessment. They believe this partnership can empower insurers to develop and maintain comprehensive risk profiles more efficiently while unlocking significant advantages across the entirety of the insurance value chain. The involvement of angel investors with a background in the insurance and AI industries signifies a broad recognition of the potential that AI technologies have to drive innovation and improve existing processes. As the global startup ecosystem increasingly embraces AI, the investment in Nettle reflects a larger trend where companies, especially those in Ireland, are heavily investing in AI operations. Just earlier this year, Sereact, another innovative startup, secured €25 million in a funding round to enhance its AI platforms. The competitive landscape indicates that only those insurers who adopt advanced technologies like AI will attain a favorable position in the evolving market, as they navigate the complexities of risk assessment and data utilization within the insurance sector.