We’re excited to announce our participation in Otonomi’s recent $3.4M funding round led by ATX Venture Partners, followed by GSR Ventures, GreenlightRe, REFASHIOND Ventures, SoundBoard Venture Fund, and specialized syndicates.
Otonomi is a first-to-market parametric cargo insurance platform disrupting the rigid and long-drawn-out insurance claim process that currently exists. Through the use of decentralized oracle API triggers and smart contracts, the innovative product reduces claim resolution time from a staggering 45 days to 45 minutes and administrative costs by up to 90%.
The team is leveraging the essential components of blockchain technology to transform cargo insurance policies into a fast, cost-efficient, and transparent digital product.
The technology stack is composed of four pillars that enable a comprehensive end-to-end insurance platform for all parties in the ecosystem.
- Scalability through Oracle API connectivity. This enables Otonomi to cut out the middleman, and feed the logistics information to the smart contracts.
- Otonomi’s insurance policies utilize infrastructure governed by smart contracts that execute claims automatically through API triggers.
- Incorporation of digital payments into the system.
- Otonomi is introducing a decentralized capital component that hasn’t been previously utilized in insurance.
The insurance carriers and syndicate partners demanding transparency and speed can now benefit from a systematic, automated process comprising FinTech payments, digital wallets, on-ramp and off-ramp solutions.
Following the previous financing round announced in November 2021, Otonomi has been selected for the eighth cohort of Lloyd’s Lab, brought by the world’s leading insurance underwriter Lloyd’s of London. Through Lloyd’s Lab accelerator program, Otonomi has penetrated the networks of leading syndicates, underwriters, and brokers.
About Bering Waters Ventures
Founded in 2019, Bering Waters Ventures is one of three businesses that form Bering Waters Group. Our OTC, Ventures and Tech arms act in a synergistic way to provide early-stage projects with strategic support including: access to capital, investors network, technical & brokerage expertise, and marketing initiatives.