Insurtech startup Novidea raises $15 million in series B round

Israeli insurtech company Novidea, which has developed a system to help improve the efficiency of brokers and agents, has raised $15 million in a series B funding round led by the JAL Ventures Fund II, with participation of previous investors Salesforce, KT Squared LLC, and 2B Angels.

Novidea has raised $23 million to date. Its R&D centers are located in Israel, the U.K., and the U.S. and it employs 68 people. The company, which underwent changes in 2014, was founded by Roi Agababa, Sharone Volk, Rolan Shkolnik, and Igal Lebedev.

“We’re seeing a growing demand in the world for a smart platform that translates insurance data into business insights in real-time, advanced analytic capabilities and information that users can act upon,” said CEO and founder of Novidea, Roi Agababa. “This investment will allow us to meet the growing demand and to continue to grow globally, while expanding our activity in the U.S. and Europe and additional markets. This most recent fundraising round will be used to accelerate our R&D and innovative activity while expanding our team and emphasizing the success of our customer base.”

Yair Elbaz, a partner at JAL Ventures, added that “Novidea is taking advantage of two unstopabble trends, data transfer to the cloud and increasing the use of data insights in real-time. The coronavirus (Covid-19) pandemic has accelerated the adoption of cloud-based services and within five years all insurance groups will use this technology.”