Insurance claims monitoring platform owl.co has secured US$30 million in Series B funding.
A company release said that the financing round was led by Cota Capital. Other participants in the round included Sorenson Ventures, FUSE, Impression Ventures, Luge Capital, and Plug and Play Ventures.
The funds raised will be used by owl.co to scale its insurance claims monitoring platform and expand its team, it said in a release. The insurtech also shared its plan to increase its full-time staff in the US and Canada by 20% by year-end, with additional hiring planned for next year.
owl.co’s overall funding sits at $40 million.
“This funding will help us expand owl.co’s platform to revolutionize the insurance industry’s process for monitoring claims and mitigating fraud to address the $80 billion cost to American consumers,” said owl.co co-founder and CEO Sean Merat. “By leveraging machine learning to automate and remove bias from the process, we are blazing the trail to a future where nobody pays for fraud.”
“We are excited to partner with owl.co, who is a leader in advancing the digitization of claims in the insurance industry,” commented Cota Capital partner PV Boccosam. “Delivering a clear ROI to insurance carriers gives us high conviction that owl.co’s AI-driven approach can maximize value creation for its customers.”
Last year, owl.co was awarded a co-investment of $4.5 million from the Canadian government, as part of the federal “Innovation Superclusters Initiative.” The program encourages industry leaders to join forces on large-scale projects to accelerate growth in Canada’s promising industries.