Applying blockchain and AI to insurance, the Chesterfield, MO based iCover landed a $5M seed round from angel investor Kesan Parasuraman, along with other undisclosed investors. Today’s infusion was the second seed investment in iCover for Parasuraman, who invested an undisclosed amount in the startup a year ago.
Hari Srinivasan, iCover CEO
“This money will help us add people to our engineering team… R&D engineers and technology engineers to support our existing clients,” iCover CEO Hari Srinivasan told bizblip. “We are also going to build up our sales team… and beyond that is advertising.”
The Chesterfield, MO startup was founded in July 2019, has 14 full time employees, and Srinivasan tells bizblip he expects to ‘double or triple that’ in the near future. The startup currently has six life insurance companies as clients.
“We provide technology and underwriting support for all their life insurance products,” Srinivasan said. “When it comes to underwriting, I don’t think anyone (else) has an algorithmic AI based underwriting engine… and we are one of the few companies who actually use blockchain for security… since we deal with insurance companies and sensitive data, iCover has a proprietary blockchain framework to encapsulate and provide the required security to protect that consumer data.”
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