Nettle’s platform uses AI to complete risk assessments by up to five-times faster.

Irish-founded AI insurance technology start-up Nettle has raised $4.8m in an oversubscribed seed round led by MTech Capital, a specialist insurance sector investor. The round brings Nettle’s total raise to $6.8m, following its $2m pre-seed last March.

Sure Valley Ventures, Portfolio Ventures, Ventures Together and other angels also participated in the seed round. European early-stage venture capital Project A Ventures has invested in the business with a super pro rata, Nettle said.

Nettle’s platform automates insurance inspections using AI, helping insurers complete inspections “five-times faster”, the company said. The AI workspace combines “remote risk identification, guided inspections, mobile evidence analysis and instant report generation”.

The platform standardises data collection for all stakeholders, automatically analyses it and generates risk scores.

Earlier this year, it tapped Allianz Türkiye as one of its clients to run commercial property risk engineering operations. According to a blogpost by co-founder Jack Miller, the decision came after Allianz ran a pilot programme that showed up to a “threefold improvement in the speed” at which risk engineers completed property inspections.

The London-based company was founded in 2024 by Miller and Katya Kinane, who met while working at McKinsey’s AI arm QuantumBlack. Kinane is a Trinity College Dublin graduate in computer science.

Nettle said that the fresh raise will be used to expand its operations across the US and Europe and grow its engineering and go-to-market teams. The company also has offices in New York.

“Nettle has built a platform that turns loss control into a competitive advantage,” said Miller.

Kevin McLoughlin, the founder and managing partner at MTech commented: “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.”

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