Tech startup Monte Carlo raised $25 million in new Series B financing to help build its Data Observability platform. New York-based InsurTech Marble raised $2.5 million in early-stage funding that will help launch its digital wallet and loyalty rewards platform for insurance. Plug and Play has become an equity investor in Vesttoo, an Israel-based startup that specializes in data-driven risk management products and services for insurers and reinsurers.
Monte Carlo, a technology startup focused on helping organizations obtain more reliable data, has raised $25 million in new Series B financing.
The San Francisco-based company’s business model is built around Data Observability, which involves the use of technology tools that help monitor enterprise data systems and troubleshoot any problems that arise. Monte Carlo will use the venture money to develop its expertise and reach, and also help organizations accelerate their adoption of data and analytics.
The company currently works with several Fortune 500 companies and has customers including Hippo Insurance. It also operates in the FinTech, e-commerce, media, B2B software and retail industries.
Monte Carlo describes its Data Observability Platform as allowing data engineers and analysts to seamlessly monitor the health and dependencies of their data assets across the entire data stack, from ingestion to analytics – all in one collaborative interface. Simultaneously, Monte Carlo provides CDOs and other data stakeholders with a holistic view of their company’s data health and reliability across critical business use cases.
Monte Carlo has now raised more than $40 million to date. Redpoint Ventures, backers of Snowflake and Looker, and GGV Capital, investors of HashiCorp and Slack, co-led the Series B round with participation from Series A investor Accel. Monte Carlo is also backed by DJ Patil, the former Chief Data Scientist for the U.S., as well as top executives from Cloudera, eBay, Google and VMWare.
New York-based InsurTech Marble raised $2.5 million in early-stage funding that will help launch what it bills as the first digital wallet and loyalty rewards platform for insurance.
Marble’s investors in the seed round include IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
Marble, founded and launched in private beta in 2020, describes itself as a “one-hub, digital wallet where customers can seamlessly manage all of their personal insurance details and payments.” The company also claims to be “the first and only platform that allows you to earn rewards on your insurance, which you can redeem in a variety of ways, including towards premium payments.”
Marble said it is currently in beta and plans to open its platform to any U.S. personal insurance policyholder in March 2021. Using the system, Marble members – insured by the nation’s largest insurance agencies – can link to their healthcare, automotive, home, renters, pet, or any other type of personal insurance.
Silicon Valley-based investor and global innovation platform Plug and Play has become an equity investor in Vesttoo, an Israel-based startup that specializes in data-driven risk management products and services for insurers and reinsurers.
Neither side disclosed investment specifics.
Vesttoo’s proprietary technologies use AI and machine learning to forecast and price long-tail risks such as longevity, excess mortality, lapse, as well as Value-in-Force (VIF) monetization and excess mortality Industry Loss Warranties (ILW) and transfer them to the capital markets, allowing insurers, reinsurers and pension funds to adopt proactive strategic risk and capital management.
Using proprietary AI and machine learning stochastic algorithms, Vesttoo creates what it said are highly accurate risk models and forecasts.
Sources: Monte Carlo, Marble, Vesttoo