Veridox Raises £1M To Launch AI-Powered Forensic Fraud Detection For Insurers

The round was led by Outward VC, with participation from Solo Investments Holdings Limited.

Fraudulent insurance claims in Europe are estimated at €13 billion annually, accounting for nearly 10% of payouts. However, most insurers can only measure the fraud they detect, leaving their full exposure largely unknown.

Veridox was founded by Dan Sandler, a former solicitor and serial entrepreneur who previously co-founded and exited Tabb, to tackle gaps in insurance fraud detection.

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The platform uses AI to deliver litigation-ready insights on document and image tampering, replacing slow, manual methods. In an early pilot, it flagged around £50,000 of potential fraud in a single case within seconds.

Our mission is to help insurers make more informed decisions on fraud faster, which we do by offering reasoning behind why a document presents a risk of fraud to guide their investigation.

This explainability sets us apart, and our development partners are already seeing the benefits, commented Dan Sandler.

Unlike generic tools that highlight only “red flags,” Veridox delivers contextual insights, explaining what was detected, why it matters, and where to investigate next. This helps distinguish harmless edits from malicious manipulations and supports CPR 35-compliant reports for legal and regulatory standards. The new funding will drive product and sales team growth ahead of a wider market launch.

About Veridox

Veridox provides AI-driven, forensic fraud detection for insurers, TPAs, and investigators, turning document and image analysis into court-ready, contextual insights. Designed for real-world claims, it integrates seamlessly into workflows, delivering practical, explainable results no black boxes, unnecessary dashboards, or generic flags just actionable intelligence that stands up under scrutiny.