A Berlin-based InsurTech that provides artificial intelligence for cognitive claims handling pulled in an additional $13 million for a Series A financing. A Cincinnati startup raised an oversubscribed $8.5 million Series A round to expand its business, which provides insurance to businesses quickly through the leveraging of data such as payroll, revenue and location.
Berlin-based InsurTech omni:us said it has attracted an additional $13 million to a round of financing designed to drive a U.S. expansion.
The company’s Series A funding round is now at $33 million, co-led by Viola FinTech – a global cross-stage fintech fund that is part of the Viola Group, Israel’s largest tech-focus investment group; and CommerzVentures – the venture capital fund of the Commerzbank Group. UNIQA Ventures, a venture capital fund backed by the UNIQA Insurance Group, also participated
Omni:us provides artificial intelligence for cognitive claims handling, extracting insights from unstructured data so manual, paper-based claims processes can be automated.
With cash in hand, omni:us plans to continue its North American expansion. Last year, omni:us secured AmTrust Financial Services Inc, one of the largest workers compensation insurers in the U.S. Allianz, Baloise and wefox are also among its clients.
Cincinnati’s Coterie Insurance raised $8.5 million in venture financing designed to fuel an expansion for its operation.
The InsurTech startup provides general liability, professional liability and business owners policy insurance to businesses (freelancers, too) quickly, efficiently and cheaply by automatically leveraging relevant data.
It’s designed to integrate with existing business tools/data such as payroll, revenue and location to ensure the best rates for users, the company said.
Investors in the oversubscribed Series A round include RPM Ventures, Allos Ventures, Western & Southern, Intercept Ventures, Frontier Venture Capital and Sure Ventures, as well as several former executives from the property and casualty insurance industry
Previously, the company raised $3.15 million. It has raised $11.65 million overall.
Sources; omni:us, Coterie Insurance