Conversational AI InsurTech PeppercornAI raises £3.25m

By Gloria Methri

InsurTech PeppercornAI has raised £3.25 million in an oversubscribed funding round. Led Wealth Club, the funding included high net worth investors, existing investors EHE Capital and Angels Invest Wales.

PeppercornAI uses conversational AI to reduce operational costs, better protect risk and deliver a superior customer experience for buying and managing insurance policies.

Last year, the InsurTech launched its SaaS platform Pipr to support the motor industry amid rising cost pressures. Pipr supports the rapid digital transformation of the insurance industry, enabling providers to benefit from reduced operating costs and better risk protection.

The funding will be used to develop the company’s conversational AI platform further and support the pipeline of B2B demand in the UK and from overseas.

Nigel Lombard, CEO and Founder of PeppercornAI said, “The insurance industry has barely changed since insurance started being sold online thirty years ago. Technology, specifically AI, has the potential to completely change the way consumers buy and manage their insurance policies and can also deliver significant benefits to providers at the same time.

“Our team of insurance experts has built and proven a new model that allows providers to unlock the benefits of the technology now, can be integrated seamlessly and quickly, and ensures their businesses aren’t left behind. My thanks for the continual support of EHE Capital, to Angels Invest Wales and for the brilliant team at Wealth Club for making the raise so successful.”

Gayle Bowen, Head of Direct company investments at Wealth Club, said, “We believe PeppercornAI has the potential to transform the insurance industry, and it became clear to us that Nigel and his team were the people to do it given their deep sector knowledge and network. The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics significantly contributed to their success in securing investment.”

Guy Remond, Founder of EHE Capital, said, “To raise £3.25 million in the current climate is a glowing testament to the strength of the PeppercornAI team and their mission to bring substantial efficiencies to administering insurance policies using their AI-powered platform, Pipr.”

Tom Preene, operations manager for Angels Invest Wales, said, “We are really pleased to have joined fellow investors linked to Angels Invest Wales in backing PeppercornAI. By working with lead investors, we can ensure a strong impact for our investment and leverage the Wales Angel Co-investment Fund to match-fund deals like these. PeppercornAI’s tech has some fantastic potential, and they’re an excellent example of a Welsh business providing cutting-edge solutions in the traditional business sphere.”