CHICAGO, IL, Data science platform completed a Series A funding round of $2.5 million, led by Seyen Capital and MK Capital.
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DataCubes, the first data science platform for the $250 billion commercial insurance industry, today completed a Series A funding round of $2.5 million, led by Seyen Capital and MK Capital.
DataCubes' data science platform enables carriers to accurately quote commercial insurance policies by asking customers a few simple questions. Specifically, the DataCubes' D3 platform improves the underwriting process by:
Eliminating paperwork and automating underwriting with machine learning and AI.
Providing a holistic view of risks by analyzing a variety of internal and external data.
Prioritizing commercial insurance applications by using external data to score risks.
"The commercial underwriting process is time-consuming, often inaccurate and frustrating for all involved -- but it doesn't have to be," said Kuldeep Malik, CEO and co-founder of DataCubes. "DataCubes harnesses the power of data science to bring unprecedented accuracy and efficiency to the underwriting process and help carriers realize greater profitability."
Funding will be used to extend DataCubes' platform capabilities to support additional lines of business and scale sales and marketing efforts.
"The commercial insurance industry is due for disruption. The policy application process is cumbersome and intimidating for the average business owner and heavily intermediated." said Harish Neelamana, DataCubes Chief Product Officer. "DataCubes is the perfect solution to this problem, enabling carriers to challenge traditional intermediation, do away with mountains of paperwork and generate a quote by asking a few simple questions."
DataCubes increases carriers' customer satisfaction, underwriting productivity, and profitability. Using machine learning and AI to analyze previously untapped sources for insights, like unstructured text and images, DataCubes can pre-fill application information, enabling commercial carriers to provide customers with online quotes with as few as five questions. In addition, DataCubes Intake product has helped its customers improve underwriter productivity by 30 percent.
"Data science is well-suited to removing many of the worst inefficiencies in commercial insurance underwriting," said Mark Koulogeorge, managing general partner at MK Capital. "The DataCubes platform allows carriers to optimize workflow, increase productivity and bring greater transparency to the underwriting process."
"DataCubes' machine learning and AI technology is poised to completely change the way commercial carriers evaluate risk," said George Spencer, senior managing director at Seyen Capital. "DataCubes' platform, coupled with the team's deep technical knowledge and insurance experience, perfectly positions DataCubes to tackle this market opportunity."
To learn more about DataCubes, please visit www.datacubes.com.
DataCubes is the first data science platform for commercial underwriting. DataCubes helps carriers improve customer engagement, underwriting productivity, and profitability. DataCubes' platform uses data science to eliminate paperwork, provide a holistic view of risks by analyzing a broad array of internal and external data sources, and score and prioritize commercial risks. To learn more, visit www.datacubes.com.
About Seyen Capital
Seyen Capital is a Chicago-based venture capital firm that focuses on venture-growth stage investments in information technology companies. The firm is led by George Spencer who has more than 25 years of venture capital industry experience. Past investments include SPS Commerce, Knightsbridge, Convio, Cbeyond, Synchronoss, Danger and Borderfree. Current investments include Cybera, GoHealth, LaunchPoint, Vubiquity, KnowledgeHound and Autism Home Support Services. Seyen has produced top decile returns while losing money on only one deal since 2001. Contact firstname.lastname@example.org
About MK Capital
MK Capital invest in early and growth stage companies in the software and digital media industries. The firm's partners, who average over twenty years of venture capital experience, partner with entrepreneurial management teams to build leading companies in emerging markets. MK Capital manages over $250 million in capital and is actively seeking new investment opportunities. For more information visit http://www.mkcapital.com.