Compensation insurance platform ChronWell has bagged a $4.5m Series A funding round.
Launched in 2017, the company helps to provide injured workers with care and lower the number of injuries that become claims or long-term indemnity claims. The platform uses AI technology to improve the treatment of injured workers by providing transparent and personalised support.
This equity injection will be used to fund its next growth phase which will see it launch new services including triage, on-site care, care coordination and personalized assistance service. The company will use AI and health care professionals to determine the best care, through self-care, on-site care or at a healthcare facility.
ChronWell CEO and co-founder Joe Rubinsztain said, “Our mission is to use technology to bridge the gap between employee, employer and insurance company. In making the process more efficient, we will improve outcomes and help injured workers receive the care they deserve.
“Everyone agrees the workers’ compensation market is long overdue for disruption, and this is the right time to do it. We are thrilled to receive such strong support from our investors.”
The InsurTech sector has had a relatively active start to the year, with over 20 companies closing transactions this year. Earlier in the week, home and car insurance comparison platform Gabi closed a $9.5m round led by Canvas Ventures.
Funding into the InsurTech sector has been stable over the past years, with both 2016 and 2017 seeing $1.4bn invested in the space. This similarity in investment total, is matched by the deal volume, with 2017 just seeing four less transactions than 2016.
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