i23 is targeting insurance broking, a highly fragmented market worth nearly $700bn globally. Brokers tend to scale by adding people and process, so growth in revenue usually brings growth in back-office work. i23 wants to break that link.
The company is developing an agentic operating model that takes over routine administrative tasks while helping brokers generate more revenue from their clients. Its pitch is that AI should support the human broker rather than replace them. The name combines “I” for intelligence with 23, the number of chromosome pairs in a human cell, reflecting that thinking.
Anand Sambasivan, a co-founder of PrimaryBid, is chief executive, and former Treasury minister Bim Afolami is president. In October 2026 i23 announced an oversubscribed seed round of £4.9M ($5.5M) co-led by Outward VC, Seedcamp, Insiders VC and Four Cities Capital. It is expected to acquire an existing insurance broker in the coming months, according to people close to the company.