Madrid-based InsurTech firm, Bdeo, known for its robust AI applications in the insurance and fleet industries, has successfully secured an additional funding of €7.5m.
This capital infusion is set to bolster Bdeo’s international expansion efforts while also reinforcing its foothold across Europe and Latin America, according to a report from EU Startups.
The latest funding round witnessed participation from a diverse mix of investors including Armilar, Hollard, The Centre for the Development of Industrial Technology (CDTI), and Íope Ventures – a recently launched investment venture by Wayra and Telefónica Seguros. Existing investors K Fund and Blackfin too contributed to this investment round.
Bdeo utilises its AI-powered Visual Intelligence technology to remotely assess damages to vehicles and homes, thereby expediting insurance claims and underwriting processes. The firm’s seamless integration into insurer operations coupled with its reliability have contributed significantly to attracting this new round of investment. Bdeo continues to be in tune with the increasingly digital expectations of policyholders by offering an agile, remote, and immediate experience throughout the insurance process.
With the newly secured €7.5m, the company is keen on propelling its Visual Intelligence solutions to accommodate new use cases. In addition, Bdeo will be focusing on broadening its international outreach.
The InsurTech firm has also been lauded with the European Innovation Council’s ‘Seal of Excellence’, an honour bestowed upon only 160 companies annually by the European Commission. In conjunction with this accolade, Bdeo received grants from Comunidad de Madrid and red.es as part of the new investment.
Bdeo CEO Julio Pernía reflected on the successful funding round stating, “Based on the impressive results we have achieved and our capital efficiency given the challenging times we’re living in, it is reassuring to receive this trust from investors. It is a significant boost of confidence for our team, and we are proud to continue working closely with the insurance sector and adapting to its needs and priorities, as we always have.”
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