Eigen Technologies doubles down on insurance and APAC by bringing in Anthemis Group and Sony Innovation Fund by IGV
11 August 2021
New York/London - Eigen Technologies (“Eigen”), the global Intelligent Document Processing (IDP) provider, is building on its successes in the insurance sector and Asia Pacific region by bringing Anthemis Group and Sony Innovation Fund by IGV onboard as strategic investors to support its expansion. Anthemis and Sony Innovation Fund by IGV join Eigen’s existing strategic investors Goldman Sachs and ING, as well as Temasek, Lakestar and Dawn Capital.
The new investment from Anthemis will support Eigen’s ongoing expansion into the insurance market through its experience and global ecosystem. FT Partners has listed Anthemis as the most active InsurTech investor across the industry. Eigen is also among the first investments from Anthemis’ latest InsurTech fund.
Eigen’s no-code platform puts the power of machine learning in the hands of business teams and developers, enabling them to access the information they need to carry out their work more efficiently and effectively. For insurance market players this means they can quickly and precisely, digitize, extract and analyze data from a wide range of text sources, enabling faster and better-informed decisions, improve risk management and streamlined underwriting, policy management and claims processing.
Eigen’s products are already used in insurance for underwriting support, policy servicing administration, capital risk and Asset and Liability Management (“ALM”). This year, Eigen’s technology was used by one of Europe’s largest insurance companies for Solvency II matching adjustments use case.
Sony Innovation Fund by IGV, through its APAC presence, will help enable Eigen to expand its presence in that market and enhance its Asian language capabilities and the development of corporate use cases.
Dr. Lewis Z. Liu, Co-founder and CEO of Eigen Technologies said:
“The insurance sector finds itself at a crossroads. Increasing competition from new InsurTech, combined with changing risk dynamics through extreme climate, geopolitical and cyber threats, means carriers and reinsurers are no longer able to rely on the old ways of using data to do business. Now more than ever, being able to fully understand qualitative data is essential.
The new investment from Anthemis and Sony Innovation Fund by IGV represents a significant opportunity for Eigen to supercharge our move into the insurance market, as well as expand the development of both our corporate use cases and Asian language capabilities. Anthemis’ expansion from FinTech to InsurTech mirrors our own development as a business. To date Eigen has had huge success working with organisations operating within heavily regulated sectors who are benefiting from using our technology to reduce time, cost and human effort and we look forward to integrating our cutting-edge NLP product into new areas.”
Kate Sampson, Managing Director at Anthemis Group said:
“Eigen’s ability to deliver a no-code solution that delivers market leading results, has driven significant value for financial institutions. As the insurance industry looks to use data as a differentiator and drive greater operating efficiencies, Eigen is a perfect example of a next generation technology that will allow insurers to achieve these strategic priorities. We are excited to support the team as they continue to grow into new verticals globally.”
Gen Tsuchikawa, Chief Investment Manager for Sony Innovation Fund (SIF) and CEO and Chief Investment Officer for Innovation Growth Ventures (IGV) said:
"Eigen's unique AI-driven document processing platform has been adopted by the world's largest insurance companies and financial services organizations. We look forward to working with Eigen to help support the company's expansion into Asia."