Liquidity Events
RenewBuy acquires fellow insurtech player Artivatic.AI
Digital insurance marketplace RenewBuy has acquired Bengaluru-based fintech startup Artivatic.AI, as it looks to scale up business and improve technology solutions to better serve customers in insurance claim settlement, risk assessment and underwriting. Artivatic. AI is valued at USD 10 million. The acquisition will be done by a combination of cash payment and share-swap deals. Promoters of the AI-based startup have received shares of RenewBuy The acquisition will allow the digital marketplace to extend its technology solutions across the value chain – from sales, to underwriting and claim solutions. The company will take the ownership of Artivatic.AI's SaaS solutions for insurance, IP and product portfolio. Set up in 2018, Artivatic.AI has been delivering underwriting and claim solutions to several top life and non-life insurers. The firm uses artificial intelligence and machine learning to provide solutions for finance, healthcare, and insurance businesses.
From the Venture Intelligence PE-VC Deal Database: In Dec-2020, Artivatic.ai had raised over INR 1 Cr from Scale Ventures and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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