Berlin-based AI insurtech omni:us plans expansion in US with additional $13m funding
Berlin-based artificial intelligence (AI) powered insurtech start-up omni:us has received additional $13million as part of its Series A financing to drive its expansion into the US market.
The latest investment increases the company's total financing to $33 million.
The financing round was co-led by Israel-based technology venture fund Viola FinTech, venture capital fund CommerzVentures, with participation from UNIQA Ventures, the VC fund backed by the UNIQA Insurance Group.
The insurtech plans to use the additional funds to continue its expansion in the North American market. In 2019, omni:us secured AmTrust Financial Services as a customer.
Sofie Quidenus-Wahlforss, CEO of omni:us, said: "We have quickly realized that the US market offers exciting opportunities for our technology. Insurance companies in the US are often much larger than in Europe, and at the same time their level of digitalization is often still lower. We therefore sense a great interest in solutions like ours that help insurers become more efficient and less complex. We are pleased that the fresh capital gives us the opportunity to further conquer the North American market while simultaneously continuing our growth at home in the European market, at full pace.”
Tomer Michaeli, general partner of Viola Fintech, said: "This decade will be the Golden Twenties for Artificial Intelligence. Especially in the financial and insurance sector, the potential is enormous andomni:us is already setting technological standards here today. We are therefore delighted and proud to be able to follow the path together in the future."
Paul Morgenthaler, partner at CommerzVentures, said: "omni:us has the right product, the right team and the right culture to support insurers in their transformation to data-driven enterprises. We are therefore pleased to be able to become a part of the company's international growth story.”
Andreas Nemeth, General Partner of UNIQA Ventures:"To meet today’s customers' expectations insurance carriers must not digitize existing claims processes but radically reinvent them. Our investment comes with the strong conviction thatomni:us’ outstanding team and cutting-edge AI will deliver unprecedented customer experience by pairing expertise, efficiency and empathy.”
