One of our newest clients, owl.co, an insurance claims monitoring platform, recently announced securing $30 million in Series-B funding.
The funding round was led by Cota Capital and joined by Sorenson Ventures, FUSE, Impression Ventures, Luge Capital, and Plug and Play Ventures.
owl.co will utilize the funding to scale its insurance claims monitoring platform and expand its team. The company plans to increase its full-time staff in the U.S. and Canada by 20% before the end of 2021, with additional hiring planned for 2022.
While this latest round of financing brings the company’s overall funding to $40 million, this was the company’s first announcement. The company has been focused on execution and, until partnering with Communiqué PR, had not connected with media regarding its platform.
Since launching the platform in early 2021, owl.co has already secured six of the 10 largest U.S. insurers as customers to automate their fraud detection and claims monitoring processes. owl.co’s claims-monitoring platform enables insurance providers to stop unwarranted claim payments, release reserves, and adjust expenses, helping keep premiums down, ultimately saving consumers money.
Unlike many other service providers, owl.co does not use claimant data such as age, gender, neighborhood stats, or race in its models to eliminate biases. owl.co’s platform flags potential fraud intuitively empowering organizations to prioritize and deprioritize claims.
We are excited to continue building awareness regarding owl.co and its continued growth. Below is some of the coverage regarding its announcement.
- Toronto Star, Tech Update: Why foreign acquisitions aren’t always a loss for Canada, cyber-attacks soar and other news, 11/12/2021
- Insurance Business Magazine, Claims monitoring insurtech owl.co raises $30 million Series B funding, 11/8/2021
- TechTaffy, Owl.co raises $30M (Canada), 11/6/2021
- GeekWire, Who’s raising cash? Helion, OctoML, WhyLabs, Symbl, Doorsey, Owl latest startups to land funding, 11/5/2021
- InsuranceERM, Insurtech Weekly: Lemonade, FloodFlash, WTW, Nimbla, Coalition, Coterie, Owl.co, 11/5/2021
- The Insurer, Claims monitoring platform Owl.co raises $30mn in Series B funding, 11/5/2021
- Betakit, owl.co raises $30 million in Series B to scale insurance claim monitoring solution, 11/4/2021
- Life Insurance International, Insurtech owl.co Labs gets $30m Series B investment to fuel growth, 11/4/2021
- Techcouver, Look Who Landed $30 Million to Address the Insurance Industry’s Fraud Problem, 11/4/2021
- Business In Vancouver, Vancouver’s Owl.co raises $30m to help crack down on insurance fraud, 11/3/2021
- FinSMEs, owl.co Raises $30M in Series B Funding, 11/3/2021
- Tech Startups, InsurTech startup owl.co secures $30 million to solve the $80 billion fraud problem facing the insurance industry, 11/3/2021
- Carrier Management, InsurTech Startup Using Machine Learning for Claims Monitoring Raises $30M, 11/3/2021
- Coverager, owl.co raises $30 million, 11/3/2021
- FinTech Global, Owl.co nets $30m Series B to expand insurance platform, 11/3/2021
- Insurance Innovation Reporter, owl.co Raises $30M in Series B Round, 11/3/2021
- Private Capital Journal, Owl Labs secures US $30M Series B led by Cota Capital, 11/3/2021
- Venture Capital Journal, Owl.co locks in Series B, 11/3/2021
- Vancouver Tech Journal, Owl.co secures $37M, plans to increase staff by 20% in Canada and US, 11/3/2021
The post Insurance Claims Monitoring Platform Eliminates Bias in Fraud Detection, Raises $30M in Series-B Funding first appeared on Communiqué PR.