Israeli insurtech startup Five Sigma secures $12 million in funding to accelerate growth
The InsureTech market is red hot with no sign of slowing down. In the past three years alone, venture investors have poured over $20 billion into the space, making it one of the highest growing sectors. One of the leading startups in this space is Five Sigma, a Tel Aviv, Israel-based B2B insurtech startup that is changing the way claims are being managed.
Today, Five Sigma announced it has raised $12 million in Series A funding to fuel its accelerated growth and expansion plans, plus continue to deliver game-changing solutions for its customers. The round, which was led 83North, brings the company’s total funding to date to $18 million Other backers include existing investors F2 Venture Capital and Pipeline Capital. New investors include Eyal Ofer’s O.G. Tech, Xceedance, and iGlobe Partners.
Founded in 2017 by Dror Sholomon, Michael Krikheli, and Oded Barak, Five Sigma leverages SaaS methodologies and unique data modeling to help transform the claims management process. The startup delivers a cloud-native, data-driven claims management platform with embedded AI/ML capabilities that enables insurance firms to handle customers’ claims better and faster. Its customers include INSHUR, Hippo, MGM, Palomar, Qover, and others.
With insurance space going through major changes with new products, new and evolving business and risk models, and new consumer expectations. Five Sigma’s approach to the claims management process and claims data addresses these rapid changes and new requirements.
“Quick innovation of business models, fast time to value and better business efficiencies require data-driven, flexible platforms. This is key for the future success of any insurance company.” Said Yoram Snir of 83North, “ Five Sigma’s traction, accelerated growth, and excellent market feedback is testament to the market demand and the company is revolutionizing the insurance claims market.”
Five Sigma CEO and co-founder, Oded Barak added: “Our extraordinary team possesses deep domain and tech expertise, coupled with unique capabilities including rapid configurable digital claim workflows, the enablement of a high degree of automation throughout the claim lifecycle, and the smart utilization of claims-data. These attributes empower our customers with rapid innovation, and enhanced performance operationally and strategically, delivering on the need for a flexible, cloud-native solution that leverages claims data in new, innovative ways.”