Optalitix, an InsurTech that claims to add value to insurers with low code SaaS products, data analysis and AI models, has raised £4m.
Up to £2.5m of that funding was raised by Calculus, which will be used primarily to expand the sales capacity, invest in marketing and speed up product development by expanding the engineering team.
United Trust Bank also subscribed for new equity following an earlier investment and support for the company.
Established in 2013, Optalitix allows business processes currently based on Excel to be transformed into robust online systems. It currently has two key products: Optalitix Models, which turns spreadsheets into systems; and Optalitix Quote, which creates a digital underwriting platform for insurers.
Optalitix said these products are ‘transforming the insurance sector where underwriters currently work with many models which are often manually run without proper systems and governance’.
Optalitix’s software allows processes like these to be streamlined, automated and properly governed, saving companies thousands of hours of system development time and data processing time, while controlling changes and providing a full audit trail.
Current Optalitix customers include Vitality Health, GoCompare, Lloyd’s of London and United Trust Bank.
Optalitix founders Dani Katz and Jonathan Shapiro said, “Our solutions enable our clients to convert spreadsheet models to the cloud quickly and easily, which is disrupting older, sub-optimal processes in industries such as insurance and banking. We are looking forward to working with Calculus and our other investors to develop our product further and reach more end users.”
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