HONG KONG--(BUSINESS WIRE)--Qumata, a global leader in tech solutions transforming the insurance industry ecosystem with a disruptive machine learning and artificial intelligence (ML/AI) underwriting solution, has announced an extension to its Series A round of funding to US$23 million.
The latest funding is testament to Qumata’s solid growth plans for global expansion with the addition of a new key investor to the latest round. A number of the firms participating in this round are extending their initial involvement with Qumata, including continued investment by MMC Ventures, thus demonstrating confidence in the management team, the strategic direction of the business and is in line with the digitalisation trend that is impacting the overall insurance industry.
Luca Schnettler, Co-founder, and CEO of Qumata said, “The range of existing and new investors is a fantastic endorsement of both our strategy and the global applicability of the solutions we provide to solve a need in the market. This extended funding will give us the ability to focus upon growth in both Asia and in the U.K. We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer.”
This extended funding announcement comes on the back of the firms signing an agreement recently with AIA Group Limited (1299.HK) to provide services across Asia. Qumata’s solutions support the acceleration of the digital transformation of the life and health insurance industry, with Asia being at the forefront of this change.
Notes for Editors
Qumata (formerly known as Healthy Health) has offices in London, Hong Kong, Shanghai, Tokyo & Singapore. Qumata is focused on transforming underwriting for life and health insurers, retaining the same level of accuracy, whilst improving customer experience and helping insurers realise new revenue opportunities. Qumata uses digital data to calculate the risk of diagnosis for over 800 conditions, along with Extra Mortalities and Morbidities, saving applicants hours filling out long questionnaires or visiting the doctor.