Optalitix, a specialist in insurance and finance software, has raised $3m in a follow-on fundraising round led by its existing investor, Calculus Capital.
The round also saw participation from 24 Haymarket and other investors, bringing the company’s total funding to $8m, according to FF News.
The latest funding round will support Optalitix’s ongoing efforts to drive product innovation and accelerate its expansion plans.
Dani Katz, co-founder and director of Optalitix, explained, “Our fundraising will enhance Optalitix’s products for our insurer client base, ensuring continued development of our cutting-edge insurance solutions that drive faster pricing and underwriting digitisation and give our clients a clear competitive advantage.”
With the global insurance industry increasingly prioritising digital transformation, Optalitix is poised to benefit from a forecasted 25% growth in technology spending by 2026, as insurers seek competitive advantages in pricing and underwriting solutions.
Alexander Crawford, Co-Head of Investments at Calculus stated, “Optalitix is perfectly positioned in a market where digital transformation is driving more effective pricing and underwriting. Targeting a vast global market, the company is backed by an exceptional management team that combines deep knowledge and understanding of the insurance industry with extensive commercial expertise in software engineering. We are thrilled to collaborate with them to help the next stage of their development.”
Optalitix’s key offerings include Optalitix Models, a cloud-hosted solution that converts Excel models into code, and Optalitix Quote, a digital pricing and underwriting workbench.
The new funds will be used to enhance these products and expand Optalitix’s reach to a broader user base.
Jonathan Shapiro, co-founder and director of Optalitix, noted, “Our products offer a best-of-breed solution with fast implementation, enhanced workflow, and seamless integration into existing frameworks utilising existing models. This has already proved invaluable to the success of our clients. Now, with further support from Calculus and our other investors, we’re excited to expand our capabilities to reach a broader user-base.”
Optalitix has an impressive client portfolio, including notable names such as S&P Global, GoCompare, Lloyd’s, and YuLife. The company has also been recognised by several industry programmes and awards, including the Fintech Innovation Lab, Lloyd’s Lab, and the Oxbow Insurtech 25.
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