Swedish InsurTech company Greater Than has completed a directed share issue of around SEK 136m ($16m).
The share issue was entirely subscribed to new long-term shareholder Cuarto, a subsidiary in the Nidoco group.
With the funds from the sale, the InsurTech hopes to scale further, accelerate its revenue generation and bolster its organic growth globally.
The company offers an actuarial pricing and risk predictions model, based on artificial intelligence. It leverages AI to offer future claims cost predictions, per the individual and aggregated for the sample.
Greater Than claims the platform boasts a 99.8% accuracy in its risk analysis of driving behaviour.
Greater Than CEO Liselott Johansson said, “We have a number of collaborations globally with strong momentum in both Europe and Asia. With the capital injection, we’re into invest further in market growth and presence. This is excellent timing for us now to meet the increased demand of AI-based risk insight, and digital insurance and mobility products.”
Last year, the company launched its new AI-based platform, which caters to all types of cars, auto insurers, fleets, and car manufacturers.
Copyright © 2021 FinTech Global