tl;dr
- Asterias secures £600k Pre-Seed round to unify loss data capture and distribution with an innovative inter-organisational platform.
- The round was led by Insurtech Gateway, a leading investor in insurance technology ventures, alongside Syndicate Room’s Access, a data-driven super angel fund, and prominent industry investors.
- Loss data is fragmented, inconsistent and inaccessible. Too many singular interests and lack of external expertise means products are administrative, expensive and do not consider future data needs.
- Asterias is a vendor agnostic platform that captures loss incidents and accident details in codified and structured software from the outset – Improving underwriting accuracy and reducing expense.
- The funds will enable Asterias to expand its technical team and expedite product development.
- Insurtech Gateway are specialist insurtech investors, making them the perfect partners to give Asterias strategic advice as they scale.
The full story
Asterias, the London-based technology startup, announces the successful closure of an oversubscribed £600k Pre-Seed round. Led by Insurtech Gateway, a leading investor in insurance technology ventures, alongside Syndicate Room’s Access, a data-driven super angel fund, and prominent industry investors. The round will be sufficient to take the Asterias’s product into mainstream adoption, unifying loss data across the insurance ecosystem
Asterias, co-founded in 2021 by industry expert Andrew Walker (Aon, Starr, AIG) and technology lead Jacques Germishuys (Striata), is on a mission to rapidly advance incident and accident data capture and distribution. With a leadership team holding substantial years of combined experience in the insurance and software technology sectors, Asterias has spent two years conducting focused research and development, collaborating closely with a leading broker and insurer.
Fixing fragmented loss data
Asterias’s solution enables stakeholders to capture and access their exposure and loss data via an API-centric system. The software uses industry-specific codification meaning the data is standardised and interoperable agnostic of vendors. The platform leverages unique hybrid roles and claims-based access controls to ensure data privacy and integrity.
“Fractured and inaccessible data is frustrating for everyone in the claims value chain. Asterias is standardising the whole administration process and creating a single point of truth. We have seen a couple of similar companies emerging in Property Management, so we are excited to help Asterias start in aviation.”
Robert Lumley, Co-Founder at Insurtech Gateway
It is a critical time for the insurance industry, as practitioners increasingly recognize the importance of high-quality data in improving underwriting accuracy, reducing expenses, enhancing customer experiences and unleashing the full capability of AI. “Loss data is overlooked and in the blindspot of market modernization efforts. Asterias is changing that narrative by putting data first, benefitting all stakeholders” explains Andrew Walker, co-founder of Asterias. “Our product centres on dual-functionality as both an integrated and standalone platform, streamlining adoption without extensive change management.’
The funds raised in this pre-seed round will enable Asterias to expand its technical team, bringing in three additional full stack-developers to bolster product development and innovation.
“Our platform is designed to streamline processes and enhance collaboration across the insurance ecosystem, aligning with Blueprint Two and ongoing developments in the insurtech space” adds Jacques Gemishuys, co-founder of Asterias. “By providing a centralised hub for data management, Asterias empowers stakeholders with unprecedented visibility and control over their data.”
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