Quantemplate raised $12 million in new venture financing, money it plans to deploy to expand the use of its self-service cloud-based automated data products and services targeted to insurers and reinsurers.
Route Sixty-Six Ventures and Transamerica Ventures led the round, though Anthemis Group, Allianz X and Insight Catastrophe Group also participated. As part of the financing announcement, the London and New York-based startup said its platform for data-driven parts of the reinsurance and insurance sectors is now widely available to both U.S. and European companies.
Quantemplate previously raised $3.3 million in December 2017.
Quantemplate CEO and Director David Lundgren told Carrier Management via email that the company’s platform is already being used by more than 15 mid- and larger-sized insurers in the U.S. and Europe, including AXA XL Insurance, SageSure Insurance Managers, Aegon Blue Square Re and Renaissance Re.
Quantemplate describes its platform as something that works intuitively for the user and helps “empower decision-making, enable growth, identify new market opportunities and reduce costs.” This happens through machine learning, which transforms complex, big data into insights that are easy to understand for the entire company, it said.
Quantemplate said it sees its client base as commercial property insurers and programs and specialty casualty reinsurers, among others.
Lundgren told Carrier Management that he believes Quantemplate stands alone in how it automates data preparation for the insurance industry user.
“I’ve found that many other platforms focus on data preparation for a variety of industries,” he said. “Quantemplate is an integrated platform that provides automated data preparation, storage and business intelligence and is designed to handle the unique data demands of the insurance industry. One of the many core differentiators from competitors is that it simplifies and automates the ingestion and preparation of data sets.”
Specifically, Lundgren said the company offers customers SaaS (Software as a Service) to license the program. But customers can also use Quantemplate’s “implementation services” to speed up the implementation of its platform within their own systems
Lundgren would not disclose Quantemplate’s profitability status, noting that it “is a privately held company.”