Qumata, a provider of a ML/AI underwriting solution, has raised $23m from a Series A extension round.
A number of the companies participating in the round are extending their initial involvement with Qumata, including continued investment by MMC Ventures.
Luca Schnettler, Co-founder, and CEO of Qumata said, “The range of existing and new investors is a fantastic endorsement of both our strategy and the global applicability of the solutions we provide to solve a need in the market. This extended funding will give us the ability to focus upon growth in both Asia and in the U.K.
“We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer.”
This extended funding announcement comes on the back of the firm signing an agreement recently with AIA Group Limited to provide services across Asia. Qumata’s solutions support the acceleration of the digital transformation of the life and health insurance industry, with Asia being at the forefront of this change.