Pendella Technologies, which helps firms automate underwriting, has collected Series Seed-2 funding round.
The investment was led by American Family Ventures and MassMutual Ventures, with commitments also coming from TASC Ventures, SixThirty, Assurity Ventures Inc., Aflac Ventures, MTech Capital and Early Light Ventures.
This equity investment will help Pendella establish more partnerships, adding to the 30 deal it signed over the past 12 months.
Pendella founder Robert Gaydos said, “This funding milestone is an acknowledgement of how powerful and efficient Pendella’s technology is and will allow us to keep building our carrier and product portfolio.
“Our forward-thinking investors know we are perfectly positioned to tap into the significant opportunity that exists in the life insurance market. We are excited to work with them to bring Pendella’s vision to life.”
The InsurTech company offers an individual life and disability insurance solution that empowers distributors and carriers to offer affordable life and disability insurance options. Its technology automates the underwriting process via AI and big data, building a seamless and intuitive policy-buying experience where consumers can buy a policy online without needing a medical exam.
MTech Capital co-founder and partner Brian McLoughlin said, “What truly differentiates Pendella is how Bob has merged digital technology with traditional field underwriting, which allows the company to capture a much broader segment of the life market than the purely digital D2C models that we’ve seen.
“We believe incumbent insurers have not done enough to embed their products in a variety of distribution channels, leaving space in the market for innovative startups like Pendella.”
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