Artificial intelligence and blockchain-supported InsurTech BlockClaim has raised £500,000 in its seed funding round.
Amadeus Capital Partners and Pragmatica, alongside insurance business angels Toby Clarke, Alan Armitage and Ninety CIC all invested in the business. A number of insurance executives and business angels also joined the round.
BlockClaim has developed a tech solution for the insurance industry that utilises artificial intelligence-powered fraud filtering and blockchain automation.
The London-based start up was developed at the Imperial College London using the latest advanced data science techniques. The product has features such as an image recognition AI module that can be used to detect damage on vehicles during an accident claim.
BlockClaim’s platform also provides fraud detection and prevention through automatic phone and email checks.
Blockchain CEO Niels Thoné said, “BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience.
“The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.”
Amadeus is focused on the AI, machine learning, cybersecurity, healthcare and SaaS sectors, investing over $1bn since 1997.
Copyright © 2019 AltAssets
