Insurtech secures further funding to support growth

Optalitix has secured $3m (£2.29m) in funding to support its plans for product development and further expansion.

The funding round was led by its existing investor Calculus Capital, with participation from 24 Haymarket and others.

It takes the total capital raised for Optalitix to $8m (£6.11m).

Dani Katz, co-founder and director at Optalitix, said: “Our fundraising will enhance Optalitix’s products for our insurer client base.”

He added that there would be “continued development” of the insurtech’s insurance propositions.

’Broader user base’

Two products Optalitix provides includes Optalitix Models, which converts Excel models into a cloud-hosted system, and Optalitix Quote, which delivers a digital pricing and underwriting workbench.

Jonathan Shapiro, also a co-founder and director at Optalitix, said: “This has already proved invaluable to the success of our clients.

”Now, with further support from Calculus and our other investors, we’re excited to expand our capabilities to reach a broader user base.”

Alexander Crawford, co-head of investments at Calculus, added: “Optalitix is perfectly positioned in a market where digital transformation is driving more effective pricing and underwriting.

“Targeting a vast global market, the company is backed by an exceptional management team that combines deep knowledge and understanding of the insurance industry with extensive commercial expertise in software engineering. We are thrilled to collaborate with them to help the next stage of [Optalitix’s] development.”

• Insurance Times has converted dollar amounts into pound sterling using an exchange rate of $1.31 = £1, as of September 2024.