A British artificial intelligence company which helps customers to map complex corporate transactions is raising millions of pounds to spur its growth from a vehicle backed by one of Italy’s renowned business dynasties.

Sky News understands that Jigsaw, which was founded by Stephen Scanlan and Travis Leon, two former lawyers, will announce on Tuesday that it has secured $15m in Series A funding.

The round is being led by Exor Ventures, which is part of the Agnelli family’s business empire and which has backed tech companies including Mistral, one of the world’s hottest AI start-ups.

Jigsaw says it helps clients to create diagrams and images to help clients visualise, design and manage corporate structures at many times the speed of existing software tools such as PowerPoint.

Angel investors from the law firm Linklaters, investment bank Morgan Stanley and private equity firm KKR also participated in the fundraising.

The Jigsaw co-founders previously established XRef, a proofreading software company, which they sold for a reported $10m.

Their latest venture launched three years ago, and is used by big four accountancy firms and major global law firms including Ashurst and Goodwin Procter.

Employing nearly 150 people, Jigsaw has offices in cities including London, Barcelona and Chicago.

Mr Scanlan said: “We’ve dedicated ourselves to building products that white-collar professionals deeply value for the creation of corporate structure charts, which are used to map out anything from the ownership of a company to the different stages of complex legal and financial transactions.

“We plan to expand our multi-product line focused on visualising complex transactions into an end-to-end platform that facilitates the management of corporate structures and governance.”

The Growth Stage, which works with technology entrepreneurs on fundraisings and other corporate transactions, advised Jigsaw on the funding round.

The average price paid for comprehensive motor insurance rose 1% in the first quarter of the year, according to industry data indicating an easing in the steep rises seen last year.

The latest tracker issued by the Association of British Insurers (ABI) showed a 1% increase on the previous three months to £635.

That was despite the average claim paid rising 8% to reach a record of £4,800 pounds, the body said.

The ABI said the disparity showed that its members were “absorbing” additional costs and not passing them on.

Premiums hit record levels last year to reflect a surge in additional costs and claims.

The ABI reported a 23% hike in 2023, compared with the year-ago period, with £9.9bn paid out in claims.

That was the highest annual claims figure since the ABI started collecting the data back in 2013, the organisation said.

Insurers had flagged a 16% spike in the cost of paint, with spare parts also rising on average by a double-digit figure.

Other bills, largely driven by the price of energy, were up by 46%, the ABI’s report had said.

They included delays in repair and supply chains and the fact that increasingly sophisticated car technology made repairs more expensive.

The rise in premiums also reflected, it warned, a surge in uninsured drivers who did not take out policies likely because of pressure on their personal finances from the wider cost of living crisis.

The 1% rise in premiums could reflect growing regulatory pressure on the industry.

Insurers faced a further warning from the Financial Conduct Authority (FCA) in March over values placed on written-off and stolen cars.

The watchdog said it was concerned that insurance customers were only getting a better deal in settlement of their claim when they complained.

The industry has also faced accusations that drivers who can’t afford to pay for cover annually were being stung with high levels of interest.

The consumer group Which? recently found APRs being applied to monthly payments of almost 40%.

The average rate across 27 providers that charge interest and disclosed their rate was 23.37%, its report had suggested.

Which? demanded action from the FCA.

The ABI responded last week to insist that its members were taking action to address the concerns.

Its director of general Insurance policy Mervyn Skeet said of its latest tracker data: “We understand that car insurance costs are putting pressure on household finances.

These figures show how competitive the motor market is, with insurers absorbing significant cost rises but keeping prices relatively stable.

Which? director of policy and advocacy Rocio Concha said in response: “While it’s encouraging to see the price of premiums steadying, they still remain eye-wateringly high and prohibitively expensive for many drivers.

“It won’t be lost on motorists that premiums increased by a quarter in 2023 compared to 2022.

“To make matters worse, some who can’t afford to pay for their annual cover all in one go are being stung with interest on monthly repayments of up to nearly 40 per cent, which can add hundreds of pounds onto the final bill.

“The regulator needs to get a grip of the issue quickly by making clear that insurers squeezing customers paying monthly with excessive interest rates to make higher profit margins than those paying annually does not meet fair value requirements, and setting deadlines for firms to fix this.”

Blackstone, the American private equity behemoth, is this weekend finalising a revised offer to buy the company which owns the music catalogues of Shakira and the Red Hot Chili Peppers.

Sky News has learnt that Blackstone is preparing to lodge an improved bid for Hipgnosis Songs Fund (HSF) as early as Monday.

Its offer will trump one recommended by HSF’s board last Thursday of $1.25-a-share from Concord Music, a larger rival, according to insiders.

The latest salvo in an intensifying bidding war will underline the growing determination of the two bidders to triumph in a battle for some of the global industry’s best-known assets.

HSF also owns songs performed by artists Blondie and the Kaiser Chiefs.

Sky News revealed last weekend that Blackstone had already tabled three offers to buy the London-listed music rights investment company, with a fourth following immediately after.

It was then outbid just days later by Concord, which is backed by Apollo Global Management.

Sources said Blackstone was contemplating what they described as a significant improvement on the Concord bid, although the exact level of the offer under consideration was unclear.

A takeover of the company would crystallise value for Hipgnosis shareholders, who saw the shares slump to a record low in March of about 56p in the wake of a reduction in the value of its portfolio and a suspension of dividend payments.

HSF’s troubles have been played out for months in the public arena, culminating last October in a decision by shareholders to reject its board’s goal of securing their backing for its continuation.

The company has been mired in bitter recriminations and legal arguments over its performance and governance.

A review conducted by Shot Tower Capital, a specialist adviser, concluded in March that SONG’s assets were worth a fifth less than Hipgnosis Song Management (HSM), its investment adviser, had reported last September.

Blackstone is already deeply immersed in HSF’s future because it owns a 51% stake in HSM, which has a contract to manage the SONG assets.

HSM has a call option in its management agreement with HSF which allows it to acquire the portfolio of music assets even if Concord Chorus is successful, at the same price it pays.

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The call option would be annulled if the management contract is terminated for cause, however.

The remainder of HSM is owned by Merck Mercuriadis, a former manager of Beyonce and Sir Elton John, who launched Hipgnosis in 2018 with the aim of turning music royalties into a mainstream asset class.

He struck a $1bn deal three years later for Blackstone to provide firepower for buying music rights and managing catalogues.

In February, Mr Mercuriadis moved from becoming CEO of HSM to the chairman’s role, with Ben Katovsky taking over as CEO.

Blackstone’s interest in acquiring HSF is on a standalone basis and independent of Mr Mercuriadis.

That approach may cast doubt about the buyout giant’s ongoing relationship with the Hipgnosis founder.

Blackstone is being advised by investment bankers at Jefferies, while JP Morgan is among the investment banks advising Concord.

Shares in HSF closed on Friday at 103.8p, giving it a market capitalisation of just over £1.25bn.

On Sunday, Blackstone and HSF both declined to comment.