Insurtech omni:us has closed on a new funding round. The specific details of the funding were not reported but omni:us said that total funding to date now stands at $22.5 million. Crunchbase reports a seed round in 2016 of €4.2 million.
The investment was led by Berlin based VC firm Target Global along with MMC Ventures and Talis Capital. Existing investors, Unbound and Anthemis, also participated in the round.
The funding is described as reinforcing omni:us’ position as a market leader in enabling insurers to become more data-driven and customer-focused. The company currently works with global insurance businesses such as Allianz and Baloise as well as Insurtechs such as WeFox. Berlin based omni:us expects to cross the Atlantic and open in the US in 2018.
omni:us says it has developed “cutting-edge AI technology” that empowers all kinds of organisations within the sector.
Sofie Quidenus-Wahlforss, CEO and founder of omni:us, said they know the insurance industry is moving from process focused to data driven.
“ Our deep data based approach enables insurers to better understand their customers and launch new products and services on a more bespoke and individual level. With this round of funding, we will bring our cognitive systems to the next level and expand into the US market later this year.”
Mike Lobanov, General Partner at Target Global, said with their focus on Insurtech they could not go past companies that use AI to provide a better, quicker and more reliable service to customers of insurance companies, specifically when it comes to claims settlement.
“Given our exposure in the insurance industry through Bharti AXA, we understand that AI is a fundamental game changer to our industry. At the same time, many insurers are still unsure of how to integrate this technology successfully into their processes,” said Shravin Mittal, Unbound. “With the omni:us AI roadmap, we can introduce these capabilities step-by-step to deliver deeper functionality, understanding and decision support along the insurance value chain.”