RICHMOND, Va., Sept. 18, 2019 /PRNewswire/ -- Fenris Digital, a software and analytics company enabling friction-free applications for financial and insurance products, announced a seed raise of $1.7 million. Fenris will apply the new funding to meet the growing demand from clients for its API delivered predictive scores and pre-fill data that ease the application process for a company's best prospects.
"Fenris continues to utilize our core strengths and unique positioning in the insurtech and fintech industries to accelerate growth and meet rising demand. We are delighted our clients are experiencing the benefits of modernized quoting processes, and we want to ensure we are positioned to make a tremendous impact on the billions of applications for insurance and financial products initiated each year," states Jennifer Linton, Founder and CEO of Fenris.
In addition to participation from SixThirty, an international fintech fund, the CIT (Center for Innovation in Technology), Tyson's Angels Group, and the 757 Angels Group, strategic investment was led by Larry Rosenberger, past CEO of FICO and their current Research Fellow. In addition to this investment, Rosenberger has been a key industry advisor since the company's inception and joins the Board.
"With this infusion, we will increase hiring for top sales talent, strategic business development, customer success, engineering, and data analytics, and continue to build out our suite of products to solve industry-wide problems in modernizing and streamlining cumbersome application processes for accurate, easy, and fast results," said Linton.
Fenris maintains its proprietary, in-house repository of over 300 million entity records and accompanying data elements from an array of qualified and emerging sources. By employing machine learning in conjunction with its proprietary repository of millions of policy result records across dozens of personal, commercial, and life insurers, Fenris generates proprietary predictive algorithms MatchScore, TriageScore, LeadScreen, and PFR (Personal Financial Responsibility).
Fenris was born in 2016 in Richmond, Virginia to streamline applications while preserving underwriting integrity and accuracy. Fenris demonstrates its impact on increased conversion rates, decreased cost of acquisition, and reduced manual entry for a better customer journey. Fenris has enjoyed industry-wide recognition in selection to the PlugandPlay Insurtech accelerator in Silicon Valley and received the Top 20 Insurtech award by Hartford Insurtech Hub. For more information, please visit www.FenrisD.com.
SOURCE Fenris Digital