Israel’s Five Sigma raised $12 million to accelerate growth and expansion of its cloud-based claims platform.

The investment firm 83North led the Series A round, which also included existing investors F2 Venture Capital and Pipeline Capital. Eyal Ofer’s O.G. Tech, Xceedance and iGlobe Partners are among the new investors who also took part.

Including the new round, Five Sigma has raised $18 million.

Five Sigma’s cloud-based claims management platform uses artificial intelligence and machine learning designed to help insurance firms handle customers’ claims better and faster. Its focus is on the P/C personal and commercial market, in claims management areas including claim intake/First Notice of Loss (FNOL), coverage, liability, financials (reserving and payments), recovery and quality assurance. Five Sigma pitches the technology as improving claims accuracy, enhancing policyholders’ experience and also ensuring compliance and operational productivity.

INSHUR, Hippo, MGM, Palomar and Qover are among Five Sigma’s customers. The company launched in 2017.

Source: Five Sigma