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Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI
Wisedocs, an innovative leader in the InsurTech sector, recently received a significant financial boost. CIBC Innovation Banking has extended $4.5m CAD in growth capital financing.
This move is designed to support Wisedocs in broadening its client base and enhancing its product offerings.
The company, renowned for its artificial intelligence (AI) software platform, offers streamlined solutions for summarizing claim files. Specifically, it serves the insurance industry by enabling rapid and cost-effective medical record reviews.
With the new funds, Wisedocs plans to continue its trajectory as a market leader. The focus will be on further developing its intelligent technology platform to manage claims more efficiently. This strategic enhancement aims to leverage advanced generative AI to revolutionise how medical records are processed.
CIBC’s funding follows Wisedocs’ successful $12.7m oversubscribed Series A financing round in January 2024. This indicates strong confidence in Wisedocs’ ongoing expansion and its role within the InsurTech industry.
Connor Atchison, Chief Executive Officer of Wisedocs, praised the partnership with CIBC Innovation Banking. “The CIBC innovation banking team is phenomenal to work with. They have a deep understanding of our business needs, the requirements of a high growth tech company, and the need for dynamic banking solutions to expand globally. We are excited to continue to accelerate our growth with an amazing partner like CIBC.”
SentinelOne launches Risk Assurance Initiative with AI-powered security for insurers
The program, known as the SentinelOne Risk Assurance Initiative, aims to offer insurers the SentinelOne Singularity™ Platform at preferred rates, enabling them to stop attacks before they occur and reduce both financial losses and insurance premiums.
The move has been driven by the growing need for insurers to provide robust cybersecurity solutions to their clients. As cyber threats become more sophisticated, insurers are seeking advanced technologies to mitigate these risks and enhance their service offerings.
The company’s Singularity Platform is recognised for its superior performance in the MITRE Engenuity ATT&CK Evaluations and has been named a Leader in the Gartner Magic Quadrant for Endpoint Protection Platforms for three consecutive years.
Customers have also rated it highly, with a 95% recommendation rate on Gartner Peer Insights.
The platform provides 100 percent detection and the highest level of real-world protection. This initiative will enhance the efforts of leading carriers and cyber insurance providers, including AXA XL, Coalition, Travelers, At-Bay, and CFC, who are already deploying the Singularity Platform to prevent ransomware and other cyber threats.
One of the key features of the new initiative is the Insurance Posture Report, integrated into the Singularity Platform. This comprehensive report on key telemetry signals, mapped to the CIS18 standard, allows customers to share their cybersecurity status with insurers, enabling quick validation of acceptable risk profiles.
Additionally, SentinelOne backs its platform with a $1m Breach Response Warranty, offering financial relief and added assurance in the event of a breach.
Managed Service Solution Providers (MSSPs) also trust SentinelOne to deliver top-notch cybersecurity for their clients.
The Singularity Platform is included in the portfolios of companies like Optiv, which use it for Incident Response and Managed Services. This integration supports SMB and mid-market companies in containing threats, remediating breaches, and maintaining robust risk profiles.
John Roberts, General Manager, Security, Coalition, stated, “When a client is managed with SentinelOne, we know they have strong protection against sophisticated cyber-attacks. Coalition can generally offer them more favourable insurance pricing based on their use of managed detection and response technology than if they did not have those security measures in place. We not only leverage SentinelOne in our Coalition Managed Detection and Response offering as a trusted solution for our clients, but also lean on SentinelOne for Coalition Incident Response to support more rapid containment and remediation for clients that have experienced a breach.”
Next-gen core banking leader Tuum bags €25m in Series B investment
The round witnessed leadership from CommerzVentures, accompanied by contributions from Speedinvest and several returning investors.
The company, renowned for its groundbreaking approach to banking technology, has been on a rapid growth trajectory since its first client partnership in February 2019. Tuum stands at the forefront of digital transformation in the banking sector, offering flexible, cost-effective systems that liberate banks to innovate, develop new products, and penetrate fresh markets.
Boasting a diverse customer base across 10 countries, with a significant footprint in the UK and the Nordics, Tuum’s financial performance has been stellar, showcasing a compound annual growth rate exceeding 250% over the last three years.
The newly secured funds are earmarked for an ambitious expansion plan. Tuum aims to strengthen its international presence, targeting pivotal markets in the DACH region, Southern Europe, and the Middle East, including the establishment of a new office.
Additionally, the investment will enable Tuum to bolster its direct sales and marketing efforts and fortify its partner channel.
Reflecting on the funding round, Tuum CEO Myles Bertrand shared his vision, stating, “I joined Tuum in the summer of last year because I saw the gap in the market for its proposition. Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking.
“However, no core banking vendor has to date made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners.”
ESG FinTech Watershed raises $100m, hitting $1.8bn valuation
The Series C round brings Watershed’s valuation to $1.8bn. This significant injection of capital comes courtesy of lead investor Greenoaks, with notable contributions from Kleiner Perkins, Sequoia, and several other existing stakeholders.
At its core, Watershed’s mission is to hasten the progression of the climate economy. The firm operates with a heightened sense of urgency and possibility, especially considering the environmental milestones and challenges of 2023.
The year marked not only a peak in global temperatures but also saw unprecedented investments in clean energy sectors. Watershed is strategically positioned to catalyse this momentum into tangible climate action, particularly at a time when Fortune 500 companies and thousands of businesses are mandated to adhere to the EU’s Corporate Sustainability Reporting Directive (CSRD), showcasing their commitment to sustainability.
Within the finance world, Watershed allows clients to analyse, reduce and report on their portfolio’s emissions. Financial institutions can get a complete picture of their financed emissions through a carbon estimation engine, with the information all displayed in a handy dashboard.
The capital infusion is earmarked for several strategic initiatives. Their services are comprehensive and global, catering to a diverse client base that includes industry leaders across sectors. The company is dedicated to assisting these entities in navigating their decarbonisation journey, making informed decisions regarding their supply chains, and achieving their net zero objectives expediently.
Watershed is not resting on its laurels. The firm has been industriously developing and augmenting its suite of tools to meet the escalating standards of climate-related work. Noteworthy milestones include the acquisition of CEDA, the establishment of Watershed Disclosures, and the expansion of the Watershed Marketplace. These advancements are designed to empower companies with precise carbon data and streamlined sustainability reporting. Moreover, Watershed’s collaborations with esteemed organisations like KPMG, Accenture, and ERM, and the guidance from its Policy and Science Advisory Boards, ensure that its approach is both scientifically sound and policy-compliant.
Wisedocs secures $9.5m in Series A to revolutionise InsurTech with AI
The investment was spearheaded by Information Venture Partners, a prominent early-stage B2B FinTech investment firm. They were joined by Thomson Reuters Ventures and ManchesterStory, marking a significant vote of confidence in Wisedocs’ future.
At its core, Wisedocs specialises in the development and provision of machine learning software-as-a-service (SaaS) aimed at medical record review, indexing, and summarisation. This innovative service is transforming the way the insurance industry manages and processes medical claims, setting new standards for efficiency and accuracy.
The recently secured funds are earmarked for several strategic areas of growth. Primarily, the investment will support the expansion of Wisedocs’ team, product offerings, and sales territories. This expansion is part of a broader strategy to capitalise on the company’s rapid growth. Notably, Wisedocs made a significant leap into the American market in 2022, establishing new headquarters in Florida to better serve an expanding US customer base.
Additional developments include the launch of Wisedocs’ state-of-the-art Generative AI product suite. This suite, powered by Large-Language Models (LLMs), is a testament to the company’s commitment to innovation. It is set to revolutionise the entire claims ecosystem by offering an intelligent technology platform that streamlines the claims process for insurers, healthcare providers, legal firms, and third-party administrators.
Wisedocs CEO Connor Atchison commented on the funding, saying, “This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine. With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike.”
Insurity launches AI-powered solution to revolutionise decision-making for P&C insurance carriers
Utilising Insurity’s analytics solutions grants carriers an enhanced level of reliable insights into their portfolios, facilitating heightened segmentation and improved loss ratios.
The flagship offering of the solution, known as Insurity Predict, harnesses the power of AI to elevate predictive analytics and modelling capabilities, delivering a substantial enhancement in loss ratios and instilling credibility in strategic decisions.
This solution goes beyond merely boosting the accuracy of risk assessment; it also streamlines the underwriting process. Insurity’s analytics models employ advanced AI and machine learning techniques, enabling automation and furnishing superior decision support.
The move has come in response to today’s complex P&C insurance market, which is facing insurance organisations with a myriad of challenges which require accurate and timely decision-making.
Conventional approaches employed by insurers frequently suffer delays, resulting in considerable financial losses and operational hurdles. Insurity’s analytics solutions, driven by AI-powered insights, provide sophisticated, real-time, and reliable insights. This empowers insurers to acquire a more profound understanding of their portfolio, facilitating proactive business management.
Kirstin Marr, Chief Analytics Officer at Insurity, said, “Insurity Analytics, with its AI-powered insights, is a game-changing tool in the insurance industry, empowering carriers to proactively tackle diverse challenges, ensuring better protection for their policyholders and assets. Insurity Analytics is not just about predicting risks but about equipping our customers with the foresight and tools necessary to protect and serve their policyholders more effectively. This is a leap forward in how we use technology to make a tangible difference in people’s lives during critical moments.”
CollateralEdge empowers middle market with Phalanx Impact Partners’ significant FinTech funding
Phalanx Impact Partners, a pioneering investment firm with a focus on fostering positive environmental and community change, has recently announced a significant investment in CollateralEdge.
The amount invested, though undisclosed, has been gathered from several investors with Phalanx Impact Partners leading the round. This infusion of capital is set to further propel CollateralEdge’s mission of providing competitive commercial loans to small and middle market businesses, addressing a critical need in the financial landscape.
CollateralEdge operates at the intersection of technology and finance, offering a revolutionary platform that provides hard collateral support instantly. This aids community banks in mitigating short-term underwriting concerns and minimising policy exceptions on commercial loans. The company’s industry-agnostic platform is particularly beneficial to community banks in rural and urban underserved areas, enabling them to close more deals efficiently and bolster local economies through quality lending.
The newly acquired funds are earmarked for enhancing CollateralEdge’s proprietary Portal technology, which automates the entire loan process, delivering high-quality collateral enhancement solutions directly to banks. This innovation allows banks to maintain autonomy over the loan process and customer relationships.
CollateralEdge, co-founded by Joe Beard and Joe Radtke amidst the COVID-19 pandemic in 2020, has since been on an upward trajectory. The company prides itself on being minority and veteran-founded, with leadership bringing over four decades of experience in investment banking, private equity, and entrepreneurship.
John Pantalena, Partner at Phalanx Impact Partners, echoed this sentiment, stating, “CollateralEdge’s vision deeply resonated with our belief that expanded access to credit can transform communities. In a financial landscape where middle-market capital is disproportionally allocated to private equity owned businesses in a narrow range of target industries, CollateralEdge stands out as a unique solution-driven value proposition. We believe that they will be able grow both by being a valued partner to middle-market lending institutions and by expanding the number of participants in the yield products that they are creating through their platform.”
Joe Beard, Co-Founder of CollateralEdge, expressed his vision for the company, saying, “We are not just building a company; we are constructing a bridge to financial inclusion for small businesses, especially those in underserved communities who need it the most.
“Our collaboration with Phalanx Impact Partners is a testament to our shared belief in the economic backbone of the country small businesses. Together, we empower community banks to extend competitive credit offers to small and middle market businesses which are the key drivers of economic development in this country.”
Surfboard Payments partners with Worldline to revolutionise Nordic payment solutions
This strategic partnership aims to combine Surfboard Payments’ innovative payment solutions with Worldline’s comprehensive expertise in acquiring, processing, and fraud prevention. The collaboration is designed to offer a wide range of payment options and services to businesses across the Nordics, enhancing their payment systems and customer experiences.
Surfboard Payments develops an acquiring platform for card present payments, including SoftPOS and API-based payment terminals. Its solution ensures agile development, minimal dependencies, and control over IP. The company’s offerings are directed towards ISVs and payment partners who aim to disrupt in-store experiences with better value for merchants and consumers.
Worldline, on the other hand, is a technology partner for merchants, banks, and acquirers. With a workforce of 18,000, it provides in-store and online card acquiring, secure payment transaction processing, and a variety of digital services.
The partnership initially focuses on Sweden, Norway, Denmark, and Finland, with potential expansion to other markets. It features Surfboard Payments’ suite of payment terminals like SurfPad, SurfTouch, SurfPrint, CheckoutX, and SoftPOS solutions. These will be integrated into Worldline’s merchant and partner offerings. Additionally, all hardware will be delivered by Surfboard Payments’ SurfShip API first platform, including next-day delivery within the Nordics.
The strategic alliance between Surfboard Payments and Worldline signifies a major advancement in the payment sector, aiming to boost business efficiency, security, and customer satisfaction with innovative solutions.
Worldline Head of Strategy & GTM Merchant Services RB Nordics, Filippa Marklund said, “We are thrilled to embark on this transformative partnership with Surfboard Payments. Surfboard Payments’ innovative payment solutions perfectly complement our existing portfolio, enabling us to provide businesses with a competitive range of payment options and services that create real value for the merchants.”
Surfboard Payments CEO, Christopher Lindfeldt said, “We are excited to collaborate with Worldline to expand the reach of our payment solutions across the Nordics. Worldline’s established strong presence, deep understanding of the market and strong sales capabilities will be instrumental in driving our mutual success.”