The funding round was oversubscribed, highlighting strong interest despite challenging conditions for raising capital.
The Cardiff-based company leverages conversational AI technology, such as chatbots, to streamline operations, enhance risk management, and improve the customer experience through its SaaS platform Pipr.
This latest funding will support the continued development of PeppercornAI’s AI platform and bolster its B2B pipeline both in the UK and internationally. In April 2022, the company received £1.8 million in seed funding from EHE Capital.
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.
“However, as an industry that’s historically been slow to adopt technology, insurance providers are worried about keeping up with the pace in which AI is developing. That’s where PeppercornAI comes in. 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 also commented, saying: “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.”
Bowen added: “The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading
