Neosurance, a Milan, Italy-based machine learning and AI-powered insurtech startup, raised €705K in seed funding.
Backers included strategic business angels, mainly managers and executives coming from the Italian and European insurance industry, in addition to professionals and entrepreneurs with important networks in different sectors.
They joined pre seed investors CEO Pietro Menghi and Matteo Carbone, Neosurance Senior Advisor.
The company, which has now raised close to €1m in total funding, plans to raise a further €800k capital increase this autumn in order to further strengthen the commercial and technological teams and expand its geographical scope.
Founded by DigitalTech International and Neosperience at the beginning of 2016, Neosurance is an innovative startup offering AI and machine learning powered solutions for insurance companies to enable the sale of instant micro policies. Through the Neosurance solution, the insurer can send the right insurance offer when the client actually needs it. A personalized notification is sent to the smartphone of the potential customer proposing to cover a specific event for a short period of time.
The round has been closed in parallel with the launch of the first instant product created by Neosurance in partnership with Axa Italia. Neosurance is now focused on entering into new business partnerships with Italian and international insurance carriers and communities and is establishing its presence in the US following the participation at the Plug and Play insurtech acceleration program in Silicon Valley.