Indiana-based software company Authenticx has closed a preferred equity round led by Chicago-based M25.

The round, which raised $800,000, had seen participation and new investments from Elevate Ventures and Innovatemap Ventures.

The proceeds from the round will be used by the company for product development for conversational data platform to address key issues such as Covid-19.

This Authenticx platform allows combining existing customer interactions across call centre recorded calls, texts, chats, emails and more into a single platform.

This will help health insurance firms to organise and structure conversational data through a customised dashboard.

Authenticx founder and CEO Amy Brown said: “Leaders can now listen to the actual voice of their customers in a really efficient and scalable way with this new technology. Decisions can be made confidently because you have all the data you need in one place.”

The platform will reduce and replace the feedback surveys with real-time audio and visual outputs.

Authenticx’s software platform analyses and activates customers’ voices to reveal transformational opportunities in health insurance.

Elevate Ventures entrepreneur-in-residenceEric Steele said: “We were impressed with Amy, the quality of the team and the traction they have attained early on.

“Their focus on data analytics throughout the customer lifecycle will have a major impact on financial and health outcomes for the companies they serve.”

In accordance with the funding, Victor Gutwein of M25 and Elevate Ventures representativeJane Niederbergerjoined Authenticx’sboard of directors.