Connecticut Innovations (CI) has revealed the ten finalists for its $5m global venture challenge.
The final stage of the VentureClash will be a live pitch event at Yale University on 17 October 2019. More than 300 companies were attracted to this year’s challenge, spanning 20 countries.
Finalists were picked through two rounds of judging by an outside panel of industry leaders and subject matter experts.
The VentureClash platform brings together early-stage InsurTech, FinTech, digital health, and industry 4.0 companies from around the world. Winners receive funding, mentoring, customer introductions, and services from Connecticut Innovations.
Top prize for the challenge is a $1.5m investment, with the remaining $3.5m being split among other companies.
Israel represented the largest proportion of finalists, with four of the ten being based in the country.
Atidot, based in Israel, is one of the InsurTech solutions to make the final. The company leverages AI, machine learning, and predictive analytics to help life insurance companies optimize their books of business.
Customers can use Atidot to better understand customer journeys, access predictive risk assessment and automate various processes.
Atidot has previously closed a $5m Series A round last year from investors including Vertex Ventures, the D.E. Shaw Group, Moneta Seeds, and Bank Hapoalim.
The remaining finalists to hail from Israel are communication device for individuals who suffer from complete paralysis EyeControl, AI platform which creates contextual visual storytelling elements DEEP IT, and personal care service MothersChoice.
Three of the companies reside in the US. Of these is Covr Financial Technologies, a platform simplifying the way life insurance is sold by providing financial institutions. Its platform guides consumers through the life insurance process, giving them various options to choose from and additional lifecycle support such as needs analysis and policy delivery.
The InsurTech closed a $10m Series A last year from backers including Nyca Partners, Commerce Ventures, Countour Venture Partners, and Connectivity Capital Partners.
Other US companies in the final are referral management service for payers, providers and patients ReferWell, and programmatic marketplace for the reinsurance industry Tremor Technologies.
Two of the finalises are Canadian startups. These are Cinchy, a data collaboration service for the enterprise, and Curatio, a mobile platform which matches patients to others.
The final company in this cohort is South Africa-based Pineapple, a P2P insurance provider which helps individuals insure their possessions by taking a picture of it and uploading it.
Connecticut Innovations CEO Matt McCooe said, “VentureClash gives us the ability to identify promising early-stage international companies and show them what it’s like to live and work in Connecticut “We congratulate all our finalists on their success in the competition thus far and look forward to the final pitch event next month at Yale.”
Copyright © 2019 FinTech Global
