Along with longtime backers EHE Capital and Angels Invest Wales, Wealth Club led the most recent investment round, which also included donations from a number of high net worth people. The total amount raised was £1.9 million. This round was noticeably oversubscribed in spite of an overall reduction in investment into the UK's FinTech and InsurTech industries, which was estimated to have decreased by 34% the previous year.

In the insurance industry, PeppercornAI employs state-of-the-art conversational AI technology to improve client experiences, increase risk protection, and streamline operations. This technology helps insurers manage and sell insurance more successfully while also cutting operating expenses. Among the company's recent achievements is the Celent Model Insurer Award for Emerging and Digital Technologies.

The additional funding will go toward expanding PeppercornAI's conversational AI platform, Pipr, which benefits a number of industries including the automotive sector. Pipr plays a key role in the insurance industry's digital transition by helping carriers reduce operating expenses and enhance risk management.

Nigel Lombard, the CEO and founder of PeppercornAI, stated: "Since insurance began to be sold online thirty years ago, the insurance industry has barely changed." Artificial Intelligence (AI) in particular has the potential to revolutionize consumer insurance policy purchasing and management while simultaneously yielding substantial benefits for insurance providers.

"However, insurance companies are concerned about keeping up with the rate at which AI is advancing, as they are an industry that has historically been sluggish to adopt technology. Herein lies the role of PeppercornAI. Our team of insurance specialists has developed and validated a new model that guarantees that providers' companies don't fall behind and enables them to immediately capitalize on the advantages of technological integration. I would want to express my gratitude to Angels Invest Wales, EHE Capital, and the amazing Wealth Club team for their ongoing help in making this fundraising a huge success.