Optalitix, a Camden, London-based provider of low-code SaaS products, data analysis, and AI models to insurers, and other financial institutions, raised £4 million in funding.
The round was led by Calculus Capital, which contributed £2.5 million to a £4 million equity raise, which will be used primarily to increase sales capacity, invest in marketing, and accelerate product development by expanding the engineering team.
United Trust Bank subscribed for new equity following an earlier investment and support for the business.
Optalitix currently has two key products: Optalitix Models, which turns spreadsheets into systems; and Optalitix Quote, which creates a digital underwriting platform for insurers and currently has customers in the UK and internationally, including major names such as Vitality Health, GoCompare, Lloyd’s of London, and United Trust Bank.
Company: Optalitix Ltd.
Funding Month: September 2022
Lead Investors: Calculus Capital
Additional Investors: United Trust Bank
Company Website: https://www.optalitix.com/
Software Category: AI Solutions and Data Modelling
About the Company: Founded in 2013 by Jonathan Shapiro and Dani Katz, Optalitix offers Software as a Service (SaaS) products to insurers and banks. Optalitix provides solutions that use statistical models and smart technology to provide insights into customers, primarily for insurers and banks. Optalitix enables the transformation of Excel-based business processes into robust online systems. Optalitix's data-driven products and expertise allow you to move your models to the cloud and improve underwriting efficiency. Their software products enable intelligence-led business decisions that increase sales, optimize pricing, improve productivity, and support regulatory compliance.