Top insurtech funding rounds, Oct. 2022

November 1, 2022 6:06 AM

There were more than 20 funding events in the insurtech sector between Oct. 1 and Oct. 31, 2022, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model. (Other funding events, such as private-equity infusions, are included in the overall count.)

This includes five rounds of more than $20 million in funding, and six seed rounds.

A portion of the data was sourced from Crunchbase. Other information, including quotes from investing VCs, comes from company announcements. For our previous edition, which covered the month of September, click here. These updates will continue monthly.

Clearspeed

Series C, $27 million, Oct. 6

Type of company: Speech analytics for risk analysis
Round leader: Sandia, PilotRock
Other participants: King Philanthropies

"Clearspeed was established to address the lengthy and complex screening processes that people face, enabling fast-tracking with a simple but highly accurate risk assessment capability that clears low-risk transactions quickly and alerts when additional review is needed, This funding will enable Clearspeed to better meet expansive market demands of more enterprise-wide, accurate risk assessment that drives up customer satisfaction and dramatically reduces costs," Jeff Williams, operating partner, Bain Capital (and Clearspeed Board Advisor and investor)

Bolttech

Series B, Oct. 17

Note: Bolttech did not disclose the amount raised in this particular round.

Type of company: Embedded insurance platform
Round leader: Tokio Marine

"The scale and breadth of bolttech's platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer." — Masashi Namatame, Managing Executive Officer, Group Chief Digital Officer, Tokio Marine

Qantev

$10 million, Series A, Oct. 25

Type of company: AI platform for health insurers
Round leader: Omnes, RAISE Ventures

Other participants: Elaia

"At a time where digitalization of the health insurance sector is a key driver, we believe in Qantev's ambition to enable these transformations through innovative and efficient solutions." Stéphane Pesqué, Partner at RAISE Ventures.

Otonomi

$3.4 million, series unknown, Oct. 18

Type of company: Blockchain-based parametric coverage for cargo
Round leader: ATX Ventures
Other participants: GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, REFASHIOND Ventures

"Otonomi is bringing a new product to market by building complex models to be able to profitably underwrite insurance against delays in shipments of freight. Traditionally, insurance at the point of sale has been focused on damages to goods. However, costly delays often arise across air, maritime, trucking, and last-mile logistics. Otonomi has a great team positioned to bring together aspects of parametric insurance, risk related to supply chain and shipment delays, and highly embeddable distribution." — Chris Shonk, partner and co-founder, ATX Ventures Partners

Flueid

$20 million, Series B, Oct. 11

Type of company: Integrated real-estate transaction platform including insurance
Round leader: Aquiline Technology Growth
Other participants: Commerce Ventures

"The company has combined its deep real estate industry knowledge and technology expertise to create a platform that's enhancing real estate transaction workflows while minimizing risk. We look forward to supporting Flueid's continued growth." — Jeff Greenberg, CEO, Aquiline

Elpha

$20 million, Series A, Oct. 6

Type of company: Cyber insurance for small and midsized businesses
Round leader: Canapi Ventures
Other participants: Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, EOS Venture Partners

"As a specialist insurer and reinsurer with a leading cyber practice, we at AXIS recognize the dynamism of the digital risk landscape and the importance of risk mitigation against this backdrop. Elpha Secure's innovation in monitoring, reducing, and managing risk throughout the life of an insurance policy aims to improve an insured's risk profile, ultimately delivering better experiences and outcomes for all stakeholders." — Linda Ventresca, Head of Digital at AXIS Capital.