InsurTech firm Five Sigma has reeled in $12m from a Series A funding round led by 83North.
The round also saw participation from F2 Venture Capital, O.G Tech, Pipeline Capital, iGlobe Partners and Xceedance. To date, Five Sigma has raised a total of $18m.
Founded in 2017, Five Sigma creates software that helps claims organisations optimize their operations and reduce claims leakage. Using software-as-a-service and machine learning technologies and unique implementation approach, claims organizations can make sure that their teams are making decisions while their software helps them and takes care of everything else.
The firm claims it also leverages technology to assist in the property and casualty insurance claims management process and enable adjusters and management to reduce claims leakage, make claims data available and usable and optimise claims resolution.
Five Sigma has two locations in Tel Aviv and Indianapolis, Indiana, and key customers of the firm include Hippo, MGM, Palomar and Qover.
According to Five Sigma, it intends to use the newly raised capital to accelerate growth and expansion of its cloud-based claims platform.
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