Applied Systems has acquired Cytora, an artificial intelligence company that originated from the University of Cambridge. Cytora provides a digital risk-processing platform used in the insurance industry to convert complex documents and unstructured information into structured data. This technology allows insurers to handle risk data more efficiently.
The acquisition will integrate Cytora’s AI-enabled platform with Applied Systems' existing suite of insurance software solutions. According to both companies, this move is expected to increase automation, connectivity, and efficiency throughout the insurance process, potentially leading to higher productivity in the sector.
Cytora began as a university startup in 2012 with initial investment from Cambridge Enterprise in 2014. Cambridge Enterprise continued its support through further investment rounds as Cytora expanded from geopolitical risk analytics into providing AI-powered solutions for risk digitisation.
Amanda Wooding, Deputy Head of Ventures at Cambridge Enterprise Ventures, stated: “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. 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.”
This event is seen as significant for Cambridge Enterprise Ventures and its goal of helping commercialise university research. It highlights how investments in early-stage ventures can help Cambridge-founded companies influence global industries.
Further details about the acquisition are available through both Cambridge Enterprise and Applied Systems.