Five Sigma, a Tel Aviv, Israel-based claims platform provider, raised $12M in Series A funding.
The round was led by 83North, F2 Venture Capital and Pipeline Capital with participation from Eyal Ofer’s O.G. Tech, Xceedance and iGlobe Partners.
The company intends to use the funds to accelerate growth and expansion plans, plus continue to deliver game-changing solutions for its customers.
Led by CEO Oded Barak, Five Sigma provides end-to-end claims resolution platform for the P&C personal and commercial market. The platform addresses all aspects of claims management including claim intake/First Notice of Loss (FNOL), coverage, liability, financials (reserving and payments), recovery and quality assurance – all designed to improve claims accuracy, enhancing policyholders’ experience, ensure compliance and operational productivity and making claims-data readily available within an insurer’s ecosystem for AI/ML, risk selection & other purposes.
Customers include INSHUR, Hippo, MGM, Palomar, Qover and others.