Qumata set for expansion with extension of Series A funding to US$23M and additional key investor

by Qumata
 on 16 Feb 2022
2 min read

The firm looks to drive growth in UK and Asia with new funding, while participating global investors also include a number of those extending their initial involvement.

16 February 2022, Qumata has publicly announced an extension to its Series A round of funding taking it up to US$23 million. This will help drive the company towards becoming a global leader in tech solutions as it continues to transform the insurance industry ecosystem with a disruptive machine learning and artificial intelligence (ML/AI) underwriting solution.

The latest funding is testament to the quality of Qumata’s solid growth plans for global expansion with the addition of a new key investor to the latest round. A number of the firms participating in this round are extending their initial involvement with Qumata, including continued investment by MMC Ventures. This demonstrates the confidence that these top tier international investors have in the management team, the strategic direction of the business and is in line with the digitalisation trend that is impacting the overall insurance industry.

Luca Schnettler, Co-founder, and CEO of Qumata said, “The range of existing and new investors is a fantastic endorsement of both our strategy and the global applicability of the solutions we provide to solve a need in the market. This extended funding will give us the ability to focus upon growth in both Asia and in the U.K. We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer.”

This extended funding announcement comes on the back of the firms signing an agreement recently with AIA Group Limited (1299.HK) to provide services across Asia. Qumata’s solutions support the acceleration of the digital transformation of the life and health insurance industry, with Asia being at the forefront of this change.