Xceedance invests in re/insurance blockchain startup
Property/casualty insurance technology provider Xceedance has made a multi-million dollar Series A equity investment in London-based blockchain specialist ChainThat.
A startup in blockchain and distributed ledger technologies, ChainThat develops products for the commercial, specialty, and reinsurance markets.
"This is a strategic alliance of two progressive companies that believe specialised services and new technologies can transform the re/insurance industry," said Arun Balakrishnan, chief executive officer at Xceedance.
"Our scale will help to accelerate the growth of ChainThat, and our clients will benefit from the blockchain, distributed ledger technology and smart contract expertise of our partnership. The deep industry knowledge and technology credentials of ChainThat complement our own. Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies."
In addition to the investment by Xceedance, ChainThat will have access Xceedance global resources, including insurance-expert business and technology consultants, industry-knowledgeable IT professionals, business development and support services.
David Edwards, ChainThat founder and chief executive officer, said: "We are thrilled with the strategic investment from Xceedance to help scale our company. Key to this investment stage was finding the right partner with industry knowledge and a passion for the future of re/insurance collaboration.
"With the support of Xceedance we can now focus on enhancing products to enrich a wide range of customer-centric applications. Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralised blockchain technology in the insurance ecosystem."