Insurance claims monitoring platform owl.co Labs has received $30m infusion in a Series-B round led by investment firm Cota Capital.
Sorenson Ventures, Luge Capital, Plug and Play Ventures, FUSE, and Impression Ventures also participated in the round.
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Cota Capital partner PV Boccosam said: “Delivering a clear ROI to insurance carriers gives us high conviction that owl.co’s AI-driven approach can maximise value creation for its customers.”
So far, owl.co Labs has raked in $40m in funding.
Utilising the fresh capital, the insurtech intends to scale its insurance claims monitoring platform.
It will also increase its employee headcount using the funds, with plans to grow its full-time US and Canada workforce by 20% before the end of this year and hire more staff in 2022.
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By GlobalDataowl.co Labs co-founder and CEO Sean Merat said: “This funding will help us expand owl.co’s platform to revolutionise the insurance industry’s process for monitoring claims and mitigating fraud to address the $80 billion cost to American consumers.
“By leveraging machine learning to automate and remove bias from the process, we are blazing the trail to a future where nobody pays for fraud.”
owl.co Labs, which has a presence in Vancouver, Toronto, New York and Seattle, automates the claims monitoring process using machine learning.
It automates the claims monitoring process using machine learning, automatically identifying “significant losses from malingering, exaggerated, or non-eligible insurance claims” and helping insurance providers stop unwarranted claim payments.
The firm, established in 2018, claims that its technology’s fraud detection capacity is five times more than other solutions
Last year, the firm secured a co-investment of C$4.5m from the government of Canada under the country’s Innovation Superclusters Initiative.
A month ago, insurtech VOOM raised $15m in a round co-led by JAL Ventures and UP.Partners to expand its offering.
