Qumata extends Series A round to $23m to fuel international expansion.
The extension features participation from MMC Ventures and a new key investor.
Qumata provides machine learning and artificial intelligence underwriting solutions to transform the life and health insurance industry. The firm uses digital data to calculate risk and assess conditions without lengthy questionnaires.
Qumata has extended its Series A funding round to bring its total raised to $23m. The fresh capital follows recent commercial agreements in Asia and will support the firm as it scales operations in the region alongside the UK.
MMC Ventures participated in the extension alongside other returning backers, joined by a new key investor. The investment reflects growing momentum for digital transformation across the insurance sector.
From the founder
"The range of existing and new investors is a fantastic endorsement of both our strategy and the global applicability of the solutions we provide to solve a need in the market. This extended funding will give us the ability to focus upon growth in both Asia and in the U.K. We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer."
Luca Schnettler
Co-founder and CEO at Qumata
Use of funds
- 01Expand into international markets
- 02Grow the team
