TowerIQ, a data and insight platform for the insurance industry, has collected $2m in seed funding.
The round was led by Hyperplane Venture Capital, with contributions also coming from Vestigo Ventures and Clocktower Ventures.
Alongside the investment, the company announced the hiring of former Plastiq CTO?Michail Medvinsky. In the role, Medvinsky will help the company accelerate the creation of machine learning applications, advanced analytics and business intelligence products for the insurance space.
Boston-based TowerIQ partners with insurance brokers, agents and carriers to offer modern consumer experiences to policyholders. Through the technology, agencies and brokers can easily communicate with customers from application through to policy purchase.
Its SaaS platform also helps correlates data and provides businesses with real-time insights to help monitor trends and improve the efficiency of brokers and agents.
TowerIQ CEO Adam Demos said, ?Delivering powerful insight and analytics for insurance markets starts with clean reliable data. At TowerIQ were solving the most fundamental issues from the ground up, our partners can expect to uncover new growth opportunities, daily.p>
Late last year, Hyperplane led the round of another Boston-headquartered company, supporting the $2.4m round of Elsen. The company gives financial institutions the ability to create applications to analyse data within minutes.
The North America region led the way for investments into data and analytics companies last year, according to data by FinTech Global. Of the total $2.1bn invested in to the sector globally, $1.7bn was invested into US-based companies, representing around 80 per cent of the capital.
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