Insurtech startup Five Sigma raises $12 million Series A

Israeli startup Five Sigma, which has developed an insurance claims management platform, announced on Monday that it has raised $12 million in a Series A round led by 83North and featuring existing investors F2 Venture Capital and Pipeline Capital. New investors include Eyal Ofer’s O.G. Tech, Xceedance, and iGlobe Partners. This brings the company’s total funding to date to $18 million.

The company was founded in 2017 by Oded Barak (CEO), Michael Krikheli (CTO), and Dror Sholomon (VP R&D) and aims to deliver a cloud-native, data-driven claims management platform with embedded AI/ML capabilities that enables insurance firms to handle customers’ claims better and faster. The insurance space is going through major changes with new products, new and evolving business and risk models, and new consumer expectations. Five Sigma's approach to claims management process and claims data addresses these rapid changes and new requirements. Customers include INSHUR, Hippo, MGM, Palomar, Qover, and others.

“Our extraordinary team possesses deep domain and tech expertise, coupled with unique capabilities including rapid configurable digital claim workflows, the enablement of a high degree of automation throughout the claim lifecycle, and the smart utilization of claims data," said Five Sigma CEO and co-founder, Oded Barak. "These attributes empower our customers with rapid innovation, and enhanced performance operationally and strategically, delivering on the need for a flexible, cloud-native solution that leverages claims data in new, innovative ways.”