DGTAL secures €3m in strategic funding to scale up
DGTAL, an insurtech that provides artificial intelligence (AI)-powered tools for insurance portfolios, has secured €3 million in strategic funding from 1750 Ventures, the Hannover-based venture capital arm of German VGH Versicherungen, Gossmann (pictured) & Cie, a liability management firm in Hamburg, and two family offices.
The company said the funding will allow DGTAL to scale its technology. Further shareholders of DGTAL will be Swiss software company DEON and the DGTAL team.
DGTAL was launched in 2021 by Florian Herzog and Arndt Gossmann to explore how AI can enable the usage of unstructured data in claims files. The prototype was able to extract insights from huge amounts of unstructured data—a paradigm shift for claims management.
“AI will change the way insurance works.” Arndt Gossmann, DGTALDGTAL’s technology can be used to audit, evaluate and assess claims portfolios. The application of AI to the settlement and the management of claims is expected to generate savings for the industry of more than €100 billion per year in Europe alone.
Chlodwig Reuter, senior partner at Gossmann & Cie, said: “Being well anchored in the insurance community, we see the importance of digital transformations and the power of AI for redefining how insurance works. The investment in DGTAL translates our sector experience and our firm strategic belief in technology.”
Andreas Zipf, managing director at 1750 Ventures, added: “DGTAL is an exceptional company, as it combines in-depth insurance knowledge and a technological advantage of two years in the application of AI. This means an outstanding potential in the new era of AI-powered insurance operations.”
Gossmann, CEO of DGTAL and managing partner at Gossmann & Cie, added: “AI will change the way insurance works. I want DGTAL to become a major technology enabler of this paradigm shift. Working with investors that know what they are talking about is the best call for action for a CEO.
“Working with an amazing team to support the change of an entire industry is an honour.”
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