Quantemplate, an InsurTech firm specializing in machine learning data transformation and analytics, raised $3.3 million in new funding to fuel its expansion plans in the UK, US. and European markets.
The London, UK-based startup has also appointed David Lundgren as CEO and board director.
Columbia Lake Partners participated in the new financing, which also included contributions from Quantemplate’s original investors: Route 66 Ventures and Anthemis (both specialists in InsurTech venture capital). TransAmerica Ventures and Allianz also participated.
Lundgren brings to Quantemplate deep insurance industry and operational expertise from firms such as Allianz, CUNA Mutual, General Electric, and AgPro Exchange, the company said. He currently serves on the boards of Jewelers Mutual and Bunker.
Quantemplate has raised $13.4 million overall since its founding five years ago.
Designed for insurers and reinsurers, Quantemplate automatically unifies the disparate types of data these companies have to process, solving issues of data integrity or compatibility through machine learning, the company said, explaining that traditional technologies and outsourcing have fallen short when faced with these problems.
By contrast, Quantemplate relies on analytics to provide business insights around market opportunity, underwriting profitability, claims and fraud, and MGA (managing general agent) integration, the company added.