vector8, a newly launched AI transformation company, has acquired wefox’s Paris-based in-house AI team. As well as the team, the acquisition comes with a number of pre-built solutions and accelerators developed specifically for the insurance industry. With the acquisition, vercor8 bolsters its data and AI capabilities and deepening its insurance expertise. The acquisition also marks the company’s entry into the French market.
vector8 is an international data and AI transformation company with offices in Switzerland and the UK and operates across Europe through its AI centre of excellence in Skopje, North Macedonia. Launched earlier this year, vector8 is on a mission to elevate organisations by unlocking the true value of AI and getting the best from human-machine collaboration. This means helping clients invest in the right strategy and technology stack to reap the benefits of AI technology while reducing risk. The vector8 approach is highly verticalized, combining AI skills and technologies with deep industry expertise to create value.
In line with its rapid expansion, the startup has acquired Wefox’s Paris-based AI team, bolstering its business capabilities and deep insurance insight and expertise. This acquisition represents a significant achievement for vector8, which benefits from wefox’s investment in talent, technology capabilities and AI solutions. As well as the team, the acquisition comes with several pre-built solutions and accelerators developed specifically for the insurance industry. This will enable future vector8 clients to gain a competitive advantage with a faster time to market.
“We are all very excited by the prospect of being part of vector8. Their innovative approach and ambition for the business are genuinely inspiring. We are looking forward to the prospect of building innovative AI solutions for clients across Europe and verticals. We are excited to see some of the solutions we have already developed being implemented at scale within the insurance industry”, said Gilles Mazars, who is leading the former wefox AI Team as it transitions to the new company.
“We are incredibly proud to have secured such a strong team to bolster our AI capability and enable us to bring even more value to our clients, particularly those in the insurance industry. We have big plans for the future and Gilles and his team will form a big part of that, helping us establish an AI Centre of Excellence in Paris”, Christoph Thommen, Group COO at vector8.
(Press release/RAN)
The new Swiss Venture Capital Report was published on 26 January. It analyses 304 financing rounds closed in 2020 and includes further article such as an interview with Michael Hengartner, President of the ETH Board, and a list of Swiss "soonicorns". 
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