Canadian technology firm Daisy Intelligence has raised C$10m ($75,33,700) in Series A financing to scale up its AI-based platform for insurers and retailers.

Led by Framework Venture Partners, the funding round also involved the participation of European corporate investor Sonae IM.

Daisy plans to invest the funds to expand its business overseas. It also intends to spend the fund on sales and marketing strategies besides enhancing its operational infrastructure to meet future growth.

Daisy said that its AI-powered technology platform offers business recommendations and automates complex processes, enabling insurers to achieve better financial results.

The firm’s AI-based risk management platform is being tapped by insurers across the globe to identify fraud and automatically adjudicate claims.

Daisy Intelligence founder and CEO Gary Saarenvirta said: “This financing round reflects the growing interest in our AI-powered platform from companies around the world looking to drive higher sales and profits with our unique technology that helps them make business decisions.

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“This investment supports Daisy’s mission to empower people to achieve their best by using machine intelligence to help them with the most difficult tasks, freeing up their time to focus on more strategic business matters. With support from the world-class investors at Framework and Sonae IM, we are incredibly well positioned to execute on our vision.”

The AI-driven platform of Daisy is said to enable insurers to evaluate 100% of an organisation’s transactions, executing billions of simulations everyday to provide enhanced merchandise planning and risk management.