Talem Health Analytics has revealed that it has closed a CA$2.3 million (US$1.81 million) seed round, which the insurtech hopes to use to accelerate the launch of its AI platform to the auto insurance industry.
The seed round was led by Build Ventures, with participation from Innovacorp, HOLT Accelerator, as well as all existing and current angel investors.
A release said that the seed financing is one of the largest in Nova Scotia. The sizable amount will enable Talem to launch its artificial intelligence-enabled prediction platform to 35 US states by year end.
“We see the Talem platform as a positive disruptor for the auto insurance sector,” said Build Ventures general partner Rob Barbara. “This financing will enable them to truly expand their industry reach.”
“Having injury insights early in a claim cycle can benefit not only insurers, but customers too, by making early care a priority,” Talem co-founder and CEO Paul Travis. “We’re changing the process up front, and that helps everyone involved.”
Talem’s platform utilizes AI, clinical expertise, and forensic science to allow insurers to predict claims costs earlier and more accurately.
“Our technology provides insurers with the ability to price themselves more competitively, too,” said Talem co-foudner and COO Matthew Kay. “We’re changing the way auto insurers assess claims.”