Australia-based Boundlss has closed a AUD $1.7m ($1.3m) to support the development of its AI-powered platform.
The capital raised in this round also included a seed round from last September and a pre-Series A earlier this year. Investors from the seed and pre-series A rounds included Jubilee Mines founder Kerry Harmanis and at PwC Singapore data & analytics leader Mark Jansen.
Founded in 2016, Boundlss is an AI-powered health assistant and conversational platform that engages consumers with preventative health, sales and claims conversations. The technology serves as a chatbot for a consumer, offering information about local events to keep healthy or ways to earn better policy rates.
Boundlss uses real-time data and analytic to predict risks and help personalise the insurance experience, while lowering premiums. The company’s clients include AXA Hong Kong, Great Eastern Life, HBF, Silver Chain and Bupa UK.
Capital from the funding round will be used to support the company’s AI Health and Conversation platform, as well as expanding its sales in south east Asia and the UK.
Boundlss CEO and founder Jonah Cacioppe said, “Insurance adoption across Asia is in its infancy. In the next few years, premiums across the APAC region will grow from a few hundred billion to over a trillion dollars, with some of the most innovative products and distributions strategies happening in China and SE Asia.”
Following the transaction, Bethesda Hospital and WA Country Health Services chairman Neale Fong has joined Boundlss’ board.
This investment follows on from what has been a busy couple of months for deals in the InsurTech sector. Last week saw insurance buying and management platform Homelyfe close a $2.4m seed financing round, and South African insurance provider Naked Insurance secure $1.4m.
Australia has seen a strong month of FinTech investments. Identity verification and payment authentication platform iSighnthis, received A$6.5m in a post-IPO. The RegTech company is looking to expand its sales and marketing activities, with the company having recently launched a partnership with TraderQ.
Other Australian companies recently netting equity lines include finance management application Finch, interest-free payment plan provider Openpay and payment solution Verrency.
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