Life insurance big data platform Atidot has picked up $5m in its Series A funding round led by Vertex Ventures.
Participation to the round also came from existing investors The D.E. Shaw Group, Moneta Seeds, and Bank Hapoalim.
Israel-based Atidot uses machine learning, AI and predictive analytics to enable life insurers and annuity writers to make better decisions for their customers. The company uses underused sources of data and open access information to bolster actuarial and business models.
Capital from the round will be used to scale operations and expanding US sales and customer support activities. Atidot also plans to make additions to its actuarial science, data science, and software engineering teams.
Atidot CEO and Co-Founder Dror Katzav said, “Current legacy systems do not handle the abundance of data now available, often leaving life insurers in the dark about the nature and behaviour of their policyholders. Atidot was founded to enable insurers to become more client-centric.
“By using existing policyholder data, combined with open sourced information, we build a complete picture of a policyholder and predict their behavior, allowing carriers to offer the best possible service and develop the best business strategy.”
Alongside the transaction, Martin Snow, a former executive at Prudential, TIAA, and MetLife, has joined Atidot as vice president and chief delivery officer. Vertex Ventures Israel general partner Emanuel Timor will join the company’s board of directors.
Earlier in the year, Vertex Ventures led the $5.1m Series A round in to iPad POS system StoreHub. The Malaysian company provides SMEs with a payment processor as well as a way to conduct inventory management, CRM and build business analytics.
In an interview with FinTech Global, Viola FinTech partner Tomer Michaeli said that the Israel market is ‘extremely vibrant with the B2B sector and data solutions being particularly strong.
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