(Image source: omni:us homepage.)
omni:us, a Berlin-based provider of artificial intelligence (AI) solutions for cognitive claims handling, has received a further $13 million as part of its Series A financing to drive its expansion into the U.S. market. The company’s total financing has now reached $33 million.
The financing round was co-led by Viola FinTech (Herzeliya, Israel), a global cross-stage fintech fund that is part of the Viola Group, Israel’s largest tech-focus investment group, and CommerzVentures, the venture capital fund of the Commerzbank Group (Frankfurt), with participation from UNIQA Ventures, the venture capital fund backed by the UNIQA Insurance Group (Vienna).
With the additional funds, omni:us plans to continue its expansion in the North American market. Last year,omni:us secured AmTrust Financial Services Inc. as a customer, an New York-based international insurance company that relies on AI-as-a-Service (AIaaS) as part of its claims operations and is one of the largest workers’ compensation insurers in the U.S.
omni:us pitches what it characterizes as one of the world’s most powerful AI platforms for cognitive document understanding and adapted it specifically to the needs of the insurance industry. The technology forms the basis for comprehensive cognitive solutions for claims handling, according to the vendor.
“We have quickly realized that the US market offers exciting opportunities for our technology,” comments Sofie Quidenus-Wahlforss, CEO, omni:us. “Insurance companies in the US are often much larger than in Europe, and at the same time their level of digitalization is often still lower. We therefore sense a great interest in solutions like ours that help insurers become more efficient and less complex. We are pleased that the fresh capital gives us the opportunity to further conquer the North American market while simultaneously continuing our growth at home in the European market, at full pace.”
‘Golden Twenties for AI’
“This decade will be the Golden Twenties for Artificial Intelligence,” comments Tomer Michaeli, General Partner, Viola Fintech. “Especially in the financial and insurance sector, the potential is enormous andomni:us is already setting technological standards here today. We are therefore delighted and proud to be able to follow the path together in the future.”
“omni:us has the right product, the right team and the right culture to support insurers in their transformation to data-driven enterprises,” says Paul Morgenthaler, Partner at CommerzVentures. “We are therefore pleased to be able to become a part of the company’s international growth story.”
Andreas Nemeth, General Partner of UNIQA Ventures adds, “To meet today’s customers’ expectations insurance carriers must not digitize existing claims processes but radically reinvent them. Our investment comes with the strong conviction thatomni:us’ outstanding team and cutting-edge AI will deliver unprecedented customer experience by pairing expertise, efficiency and empathy.”