DigitalOwl, a New York-based insurtech company specializing in insurance technology, has secured $12 million in funding. The investment brings DigitalOwl's total funding to over $38 million since its inception.
SaaS Investors
The investment was from Reinsurance Group of America (RGA), a global life and health reinsurer. The investment includes a strategic partnership that involves integrating DigitalOwl's technology into RGA's systems through a long-term global partnership.
Established in 1973, and headquartered in Chesterfield, Missouri, Reinsurance Group of America is a life insurance company. The firm mainly manages a portfolio of direct subordinated debt, uni-tranche debt, preferred and common equity, and fund investments across the middle market and lower middle market.
DigitalOwl Use of Funds
The company will use the funds to facilitate recruiting new employees and expanding its workforce.
About DigitalOwl
Founded in 2018 by two brothers Yuval Man and Amit Man, DigitalOwl is an insurance technology company that utilizes advanced AI to interpret and transform medical records into a comprehensive and interactive digital underwriting abstract. The technology aims to enhance the speed and efficiency of medical document analysis and case summarization for insurance companies, automating tasks that are traditionally time-consuming and prone to errors. DigitalOwl plans to launch an insurance policy underwriting engine in 2024 based on its self-developed Generative AI engine.
Funding Details
Company: DigitalOwl, Inc.
Raised: $12.0M
Round: Unknown
Funding Month: January 2024
Lead Investors: Reinsurance Group of America
Additional Investors:
Company Website: https://www.digitalowl.com/
Software Category: AI-Powered Medical Record Summarization Platform
Source: Ronny Hassid