Ignatica, an insurance policy administration platform that offers digital self-service and intelligent automation solutions for insurers, announced that it has closed US$ 7 million in pre-series A funding round.

The fund raise was led by Lingfeng Capital, with participation from the US-based SOSV Investment Funds,  Australia-based Artesian, Hong Kong-based AFG Partners Fund, as well as other investors.

Ignatica said that this recent round of funding positions it to build on the growth it saw over the last 18 months where the firm reportedly tripled in size in both staffing and market traction.

Ignatica’s platform lets insurers quickly and efficiently build and launch new products at low cost, while drastically reducing administration costs and transforming the servicing experience for consumers.

“We are very excited about our progress over the last year.

 

Thanks to our investors and partners in this round of funding we are poised to accelerate our growth across Southeast Asia, China, Japan and into Europe and North America.”

said Travis Callahan, President and Co-Founder of Ignatica.

“The ability to transform the data “on demand” for specific products or policies, is key to our success.

 

We help insurers adapt to the changing markets and create new products, policies and businesses while keeping cost down and moving quickly to market.”

said Adhish Pendharkar, Co-Founder and CTO at Ignatica.