Osborne Clarke advises Insurtech company Novee AI on £1.6m pre-seed investment round

International legal practice Osborne Clarke has advised Novee AI on £1.6 million in pre-seed funding to accelerate development of its artificial intelligence (AI) powered risk assessment platform.

The funding round was led by early stage B2B SaaS investor 42Cap, with additional backing from Insurtech Gateway, an investor in insurance technologies. 

The investment will allow the company to build an AI intelligence layer for commercial and speciality insurers, streamlining the process of assessing and processing broker submissions. Novee AI’s platform integrates with existing systems, not just reducing administrative burdens by automating manual tasks, but enabling genuine real-time pipeline and portfolio analysis from all captured data. By directly tackling the complexities of underwriting, Novee AI will empower insurers to enhance their capabilities, scale operations and significantly improve service levels. 

The Osborne Clarke team advising on this transaction was led by corporate Senior Associate Uday Mehra and Partner James Taylor.

We were extremely impressed by the support we received from OC throughout our recent fundraising process. Uday and the team consistently went above and beyond - not only were they highly responsive and proactive, but they also took the time to explain complex legal and commercial concepts in a way that was clear and accessible. Their deep understanding of the fundraising process, combined with a genuine commitment to our success, gave us real confidence at every step. We’d highly recommend OC to any early-stage company looking to raise capital. This funding allows us to accelerate product development, expand across other classes of business and deepen our partnerships with leading insurers.

Haris Khan, Novee AI Chief Executive and co-founder

It's been a pleasure to lead the Osborne Clarke team advising Novee AI in this funding opportunity. Already being deployed by two London market insurers and with further pilots underway, Novee AI represents an exciting development in the insurance sphere. We very much look forward to seeing them grow and continue to innovate in this space.

Uday Mehra, Senior Associate UK

Osborne Clarke's corporate team are considered a go-to practice for many in the tech, media and comms sector, working with leading global businesses, fast-growth start-ups and market challengers. The team advises on all stages of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.