BERLIN–(BUSINESS WIRE)–omni:us, the only AI company of its kind fully focused on insurance, has today announced the closure of a Series A round, bringing its total funding to date to USD 22,5 million. The investment has been led by Berlin-headquartered VC firm Target Global, followed by MMC Ventures and Talis Capital. Existing investors, Unbound and Anthemis, also participated in the round, demonstrating their continued commitment to the company’s ambitions. This funding reinforces omni:us’ position as a market leader in enabling insurers to become more data-driven and adapt to today’s customer expectations.
As a key player in the major digital revolution currently taking place in the insurance industry, omni:us has developed cutting-edge AI technology that empowers all kinds of organisations within the sector: many of the top global insurance companies – such as Allianz, Baloise and AmTrust – count on its deep digital transformation expertise in order to innovate and meet growing customer needs. At the same time, insurtech firms – such as Wefox – use omni:us to boost efficiency and focus on its core competencies.
Sofie Quidenus-Wahlforss, CEO and Founder of omni:us, said: “We know the insurance industry will move from process to data-driven over the coming years. To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path. 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: “omni:us functionality is tested to provide best-in-class quality in claims digitalization and is already used by a number of leading players in Europe. With our focus on insurtech we 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 – the moment when the customer values the interaction with insurance companies most. We believe automated claims handling will become a new standard in the insurance industry that will substantially cut costs and make insurance more affordable to customers.”
Dan Bailey, Investment Manager, MMC Ventures, said: “Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics. omni:us is delivering AI capabilities that allow insurers to embrace digitisation, improve the efficiency of their claims process and deliver better customer experiences. Sofie and her co-founders have assembled a world class team, and we’re delighted to be backing them in their vision of bringing AI to the insurance industry.”
Matthew De Jesus, Talis Capital, said: “The calibre of omni:us’ customers, team and investors are a testament to the solutions it has created, and are uniquely positioned to capitalise on the significant growth of enterprise automation and use of AI in the insurance industry. We are delighted to be partnering with Sofie and her impressive team at omni:us, and look forward to continuing to see the company scale.”
Shravin Mittal, Unbound, said: “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. 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.”
omni:us is a pioneering artificial intelligence company enabling the insurance industry to transform radically and adapt to today’s customer expectations. The omni:us senior team includes CEO Sofie Quidenus-Wahlforss, along with a team of co-founders including: Eric Pfarl, CPO; Stephan Dorfmeister, CFO; Martin Micko, COO; and Harald Gölles, CTO. omni:us now has a diverse and passionate team of almost 40 AI and industry experts hailing from four continents. The company is based in Berlin, with plans to also open an office in the US this year (2018).
About the Investors:
About Target Global
Target Global is an international Venture Capital firm headquartered in Berlin, with €600m in assets under management. Connecting the key European startup ecosystems we leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global follows a lifecycle approach, investing in fast-growing online platforms, targeting trillion $ markets. Our partners have been investing for more than 15 years in the digital technology space, backing some of the European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, GoEuro, Dreamlines and WeFox. More about Target Global: https://www.targetglobal.vc/
About MMC Ventures
MMC Ventures is a research-led venture capital firm. Founded in 2000, the firm has backed more than 60 high-growth technology companies from the Seed and Series A stage. MMC focuses on scaling enterprise software and consumer internet companies with the potential to disrupt huge markets, particularly those employing AI technologies in the Enterprise.
Companies MMC has backed include; APEXX, Bloom & Wild, DigitalGenius, Echo, Elder, Gousto, Interactive Investor, NewVoiceMedia, Masabi, Opal, Peak, Signal Media, SafeGuard, Senseye, Sky-Futures and StorageOS. More information available via www.mmcventures.com, @MMC_Ventures and MMC Writes.
About Talis Capital
Talis Capital is a unique family office venture capital investment fund investing on behalf of a group of ultra successful and strategic high net worth entrepreneurs. Focused on backing emerging technologies Talis has completed over $500m worth of transactions since 2009. The fund counts some of the fastest growing tech companies in its stellar portfolio including Darktrace, Onfido, iwoca, Pirate Studios, Luminance, among many others.
For more information, visit www.taliscapital.com
Unbound was founded by Shravin Mittal who is also the Director of Bharti Global Ltd (Bharti family office). Unbound invests long-term capital in disruptive technology companies and its portfolio includes Databricks, mPharma and FreightHub, amongst others. Additionally, as Director of Bharti Global, Shravin manages Bharti international investments in sectors including telecommunications, technology, energy and hospitality (portfolio companies including Airtel, OneWeb, DelonexEnergy, Triton International, Hike, and Hoxton Hotels).
Anthemis cultivates change in financial services by building, growing, and sustaining businesses committed to improving the world. Our deep understanding of markets and models, passion for emerging technology and spirit of collaboration inspire everything we do. By creating fertile ground for entrepreneurs, institutions, researchers, academics, and visionaries to come together, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all. Learn more at www.anthemis.com.