BlockBeats News, June 6th, Blockchain insurance technology company Otonomi announced the completion of a $3.4 million new financing round. The financing was led by ATX Ventures, with participation from GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, REFASHIOND Ventures, and others.
The new funds are intended to support its development of a blockchain-driven parametric cargo platform aimed at reducing management costs by 90% and improving claims time and efficiency.
Otonomi was founded in 2020 by CEO Yann Barbarroux and Co-Founder & CTO Jeremy Sutton. Headquartered in Brooklyn, the company focuses on cargo insurance. It was the first to introduce parametric cargo delay insurance to the market—a fast, transparent, and automated delay insurance product—capable of resolving claims in 45 minutes (instead of 45 days), reducing management costs by up to 90%.
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