Five Sigma, a claims management solution provider, has expanded its Series A funding round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million.
The Series A funding was initially announced in September last year, with Five Sigma planning to use the proceeds to optimise claims management by adding automated claims processing workflows.
The company uses data modelling and AI to provide its recommendations to better customer experience.
Its current customers include INSHUR, Hippo, Marshmallow, Qover and others.
Oded Barak, Five Sigma CEO and Co-founder, commented: “Aquiline’s backing is a major acknowledgment of the strength of Five Sigma’s technology and proven ability of delivering best-in-class solutions.
“The insurance claims landscape is changing, and we are excited to be at the forefront of this transformation.
“The investment from Aquiline will further position us to execute on our vision to drive the claims industry into the future through agile, fully-digital and data-driven claims solutions.”
Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners added: “Five Sigma’s digital claims management platform will disrupt legacy providers and enable the company’s clients to have a modern and efficient solution.
“We look forward to partnering with Oded and his team to share our knowledge, experience and network and help drive the company’s next phase of growth.”
