Vancouver’s owl.co has raised a $30 million Series B funding round to address the insurance industry’s $80 billion fraud problem.
owl.co is a secure, evidence-based insurance claims monitoring platform that provides greater due diligence at scale, while removing human bias from the detection process. By leveraging machine learning, owl.co automates the claims monitoring process.
owl.co’s sophisticated insurance fraud methodology finds five times more fraudulent cases than other solutions, quickly saves clients and claimants money, and delivers a 10-fold ROI – more than any other tool on the market.
Cota Capital led the financing, joined by Sorenson Ventures, FUSE, Impression Ventures, Luge Capital, and Plug and Play Ventures. This latest round of financing brings the company’s overall funding to $40 million.
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owl.co will utilize the funding to scale its insurance claims monitoring platform and expand its team.
Founded in 2018 with offices now in Vancouver, Toronto, New York and Seattle, owl.co plans to increase its full-time staff in the U.S. and Canada by 20% before the end of 2021, with additional hiring planned for 2022.
“This funding will help us expand owl.co’s platform to revolutionize the insurance industry’s process for monitoring claims and mitigating fraud to address the $80 billion cost to American consumers,” said Sean Merat, co-founder and CEO of owl.co. “By leveraging machine learning to automate and remove bias from the process, we are blazing the trail to a future where nobody pays for fraud.”
In 2020, owl.co was awarded a co-investment of $4.5 million from the Canadian government as part of the country’s Innovation Superclusters Initiative.
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