The grant, which came from the European Commission’s European Innovation Council (EIC), is part of the EIC’s Horizon 2020 initiative, which aims to cement Europe as a world leader in technological innovative with selective funding for forward-thinking projects.
The insurtech company self-describes as an artificial intelligence as a service provider; its approach is entirely data driven, using analysis of data to make efficient and transparent decisions on claims. Its clients include major business entities like Allianz and AmTrust. With the new funding, which will be dealt out over a two-year period, omni:us says that it plans to deepen its research, expand its team and publicise its services – the money will also enable the company to bring services to market much more quickly.
“We are very pleased with this generous support from the EIC,” said Sofie Quidenus-Wahlforss, CEO of omni:us, “which for us means a boost for product development and ultimately a means to deeper market penetration across multiple reasons.”
Last year, the company secured €19.7 million in a Series A funding round, which it has put towards the recruitment of data scientist and engineers to further support its proposition and produce pilot initiatives to demonstrate the efficacy of the approach to insurers.