Swedish insurtech Greater Than has raised nearly SEK136m ($16.1m) through a directed share issue in a bid to support its growth.

Cuarto, a subsidiary in the Nidoco group, subscribed the entire share issue.

The insurtech plans to use the new proceeds to further scale-up its business and technology, and expedite revenue generation.

Greater Than focuses on providing predictive risk insights on claims frequency and associated costs leveraging artificial intelligence (AI) technologies.

The service helps insurance companies to set better pricing, as well as with smart customer retention and targeted customer acquisition.

The company also offers digital insurance solutions, loyalty programmes and driver gamification, primarily for insurance and new mobility. It counts brands such as MSIG and Zurich as its customers.

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Greater Than CEO Liselott Johansson said: “We have a number of collaborations globally with strong momentum in both Europe and Asia. With the capital injection, we’re into invest further in market growth and presence. This is excellent timing for us now to meet the increased demand of AI-based risk insight, and digital insurance and mobility products.”

In June last year, Zurich Insurance extended its partnership with Greater Than for dynamic usage-based insurance offering.

The Greater Than’s product portfolio includes Enerfy Risk Portfolio Tracker, Enerfy Loyalty and Enerfy Insurance Products, as well as other additional services and apps for dynamic pricing and car sharing.