Lydia AI, formerly known as Knowtions Research, a Toronto, Canada-based health AI insurtech startup, raised $8m USD in Series A+ funding round.
The round, which brought total funding to $14m USD, was led by existing investor Information Venture Partners, with participation from new investors, including 500 Global.
Led by Anthony Lee, CEO, Lydia AI provides a health risk scoring platform for insurers to personalize experience, accelerate underwriting practices and develop new products. The company has partnered with a leading insurer to launch the first series of digital Lydia AI health score products.
The company intends to use the funds to establish itself as the new industry standard for health risk scoring, using digital medical data, by expanding the health score’s applicability to different types of health and life insurance products. The company selected Taiwan, Asia’s 4th largest insurance market, as its pilot market and plans to use its funding to expand into Japan, South Korea and South East Asia.
Lydia AI currently employs 42 people and plans to add 25 new hires to strengthen and grow a global presence in the next year.