Germany-based insurtech omni:us recently announced it secured $13 million through its Series A investment round, which was led by CommerzVentures with participation from Viola FinTech and Uniqa Ventures. The investment round notably comes just a few months after omni: us received a €1.6 million grant from the EU Commission’s European Innovation Council.
Founded in 2015, omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. The company revealed:
“Built on a fully data-driven approach, omni:us is transforming the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.”
Speaking about the investment, Paul Morgenthaler, Partner at CommerzVentures, stated:
“With its AI, insurance and consulting expertise, the team at omni:us has all the key ingredients for modernizing insurance claims processes. Its “Cognitive Claims Kit” is based on the latest advancements in Natural Language Processing (NLP) and Computer Vision. It can read and interpret any kind of claims document and any kind of data format. For insurers, this means less manual data entry and being able to focus human claims handlers on the most complex and high-value cases (while others can be automated).”
The funding will be used to accelerate omni: us’ US expansion.