InsurTech Otonomi has raised $3.4 million in order to build a blockchain-powered parametric cargo platform, according to a company press release.

Otonomi’s CEO Yann Barbarroux, along with Co-Founder and Chief Technology Officer Jeremy Sutton, founded Otonomi in 2020, a Brooklyn-based tech-enabled insurance startup focusing on freight insurance.

The company in October closed its $3.4 million oversubscribed funding round led by ATX Ventures, followed by GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, REFASHIOND Ventures and a number of specialized angels and syndicates.

The company will be providing parametric cargo delay insurance, the release said. Otonomi’s management tapped into six critical industries to assemble a core team in finance, insurance, blockchain, UX design, marketing, and security.

Source: Otonomi