Aureus Analytics, a provider of AI-powered predictive analytics platform for the insurance space, has raised $3.1m in funding.
Of the capital injection, $750,000 was supplied by Connecticut Innovations, following the company’s victory in its VentureClash 2018 competition. Alongside funding, Aureus earned a place in the Hartford InsurTech Hub, expanding its presence in the region.
Multi-Act, Alpine Meridian and a selection of existing backers made up the rest of the funds.
Aureus Analytics offers players in the insurance space with an AI platform which helps retention, cross-sell and upsell, claims analytics, net promotor scoring and fraud analytics. The platform uses both explicit and implicit data to measure customer experience in real-time.
Its fraud analytics service uses real-time analytics of events to identify any suspicious activity and ensure false positives are taken into account. The platform is able to offer actionable insights around customers in near real-time, making use of data points spanning interactions, transactions, relationships, demographics, and others.
Through this burst of funding, Aureus Analytics will look to boost its growth, drive geographic expansion across the North American market, and scale its teams to foster product development.
Connecticut Innovations senior managing director of investments Peter Longo said, “From the strength of the management team to the prowess of their analytics solutions, we have been very impressed with Aureus’s progress and prospects. Their new headquarters in Hartford will allow them access to major insurers in the United States and accelerate their growth in this market.”
Last year, Connecticut Innovation led the $2.4m seed round of funding for Inbox Health. The company offers medical billing companies with a communication platform for patients.
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