American insurtech start-up HCXI has secured undisclosed investment from Washington-based early stage private equity fund Payment Ventures.

HCXI is a Tennessee based blockchain and machine learning start-up. It is engaged in building autonomous risk-sharing, insurance, and payment products as well as solutions.

HCXI is developing a smart contract-based distributed ledger, machine learning driven, and IoT based product development platform.

The platform, according to HCXI, will be used for the production, management, and exchange of risk management and insurance products and assets.

HCXI CEO Cyrus Maaghul said: “The HCXI team is very excited about Payment Ventures becoming an investor and proud to have its Managing Partner, Tony VanBrackle, joining our advisory board.

“Tony has an impressive track record as a successful entrepreneur, investor, and advisor. His expertise spans payments, FinTech, mobile technology, and corporate development.

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“He understands what it takes to get concepts to market and beyond. We look forward to his insights and start-up and growth advisory expertise.”

Igor Korolev, a data science and machine learning expert, has joined the HCXI advisory board. Earlier, he has worked on various predictive modelling and machine learning projects.

“Igor’s data science and machine learning expertise, coupled with his understanding of the commercialization of advanced technology makes him a great fit for HCXI,” Maaghul added.