Applied Systems, a global provider of insurance software solutions, has acquired Cytora, a University of Cambridge startup and one of our portfolio companies that has become the leading digital risk processing platform for the insurance industry, for an undisclosed sum.
The acquisition brings together Cytora’s AI-enabled risk digitisation platform with Applied Systems’s suite of insurance solutions, enabling greater intelligent automation, connectivity and efficiency across the insurance lifecycle. This combination is expected to unlock increased growth and productivity across the sector.
Cytora’s platform helps insurers digitise risk data at scale, turning complex documents and unstructured information into structured, decision-ready formats. This allows carriers, MGAs and brokers to automate their intake processes, reduce time to quote and improve underwriting efficiency throughout the policy lifecycle.
“Cytora has focused on helping build a bigger, more impactful global insurance industry, enabling commercial insurers to accelerate the transition to digital risk flows so they can absorb higher volumes of risk, measurably increase written premium while reducing expenses and time to quote. Our vision directly aligns with Applied’s, and we are excited to join forces to expand the value of insurance AI at each stage of the risk lifecycle.”
Richard Hartley, CEO and co-founder of Cytora
For Applied Systems, the acquisition of Cytora represents a strategic step in its ambition to lead the next generation of insurance AI and accelerate its vision of delivering the Next Generation of the Digital Roundtrip of Insurance. By integrating Cytora’s platform, Applied aims to enhance automation and data exchange between agents and carriers, delivering speed, accuracy and cost advantages across the insurance value chain. The move strengthens Applied’s position as a leader in intelligent insurance technology and expands its capabilities across both agency and carrier markets.
Cytora was founded in 2012 as a University startup with early support from Cambridge Enterprise, which first invested in the company in 2014. Recognising the potential of its technology to transform risk analytics and insurance workflows, Cambridge Enterprise continued to support Cytora through two subsequent investment rounds, backing its evolution from a geopolitical risk analytics start-up into a global provider of AI-powered solutions for risk digitisation.
“We are delighted to see Cytora reach this exciting milestone. The acquisition by Applied Systems is a strong endorsement of the transformative impact of their technology on the insurance industry.”
Amanda Wooding, continued, “Supporting Cytora from its early stages has been a privilege and we are proud to have played a part in their journey from a Cambridge startup to the leading risk digitisation platform in the insurance industry.”
In 2019, Cytora raised an additional £25M in a Series B round to further scale its platform and expand its reach across the commercial insurance market. Over the past decade, the company has helped insurers streamline operations by converting complex data into usable formats that support faster, more informed decision-making.
This exit marks a significant milestone for Cambridge Enterprise Ventures and its mission to support the commercialisation of University research. It reflects the long-term value of investing in early-stage ventures and the potential of Cambridge-founded companies to shape global industries.
