Aureus Analytics, a provider of AI and a predictive analytics platform for the insurance industry has raised $750,000 as closing investment from Connecticut Innovations, a US-based venture capital arm.
The investment is part of a total fundraiser of $3.1 million and the company was selected as an early winner of VentureClash, Connecticut Innovation’s first ever global venture challenge focused on early-stage companies. The competition also saw participation from other funds including Multi-Act, Alpine Meridian and additional investment by existing investors.
The new round of funding will be used by Aureus Analytics to drive growth, geographic expansion in the North American market and scale-up their technological and product development, a statement released by Connecticut Innovation said.
Aureus provides solutions for the insurance industry with their artificial intelligence platform that combines both explicit and implicit data to measure the customer experience in real time to determine a SentiMeter score for customers. The platform has also successfully processed more than 40 million insurance policy data points.
Speaking on the development, Anurag Shah, CEO and co-founder of Aureus said, “This investment from Connecticut Innovations, along with the support we have received from other corners of the state, will allow us to continue on our growth path and bring enhanced analytics solutions to the insurance industry.
Headquartered in Hartford in the US, Peter Longgom senior managing director of investments of Connecticut Innovations said that the fresh round of funding would help Aures expand their reach in North America. “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,” Longo added.