Madrid-based insurtech startup Bdeo has raised €7.5 million in fresh capital. The company offers an AI-powered computer vision solution that facilitates the remote assessment of damages to vehicles and homes, thereby expediting claims. Alongside strengthening its market position in Europe and Latin America, the company intends to use the new funds to ramp up further expansions abroad.
Bdeo’s new €7.5 million was provided by new investors Armilar, Hollard, The Centre for the Development of Industrial Technology (CDTI), and Wayra and Telefónica Seguros’ newest investment vehicle, Íope Ventures. Historic backers K Fund and Blackfin also participated in the investment.
Along the lines of what London-based Tractable is working on, Bdeo’s 'visual intelligence' platform helps accelerate insurance claims and underwriting processes, as well as digitises some standard tasks in the insurance world, including the interactions between the insurance firms and policyholders, new policy subscriptions, and claim management .
“Based on the impressive results we have achieved and our capital efficiency given the challenging times we’re living in, it is reassuring to receive this trust from investors,” said Bdeo CEO Julio Pernía. “It is a significant boost of confidence for our team, and we are proud to continue working closely with the insurance sector and adapting to its needs and priorities, as we always have.”