Connecticut Innovations said Thursday that it’s invested $750,000 in an Indian insurtech provider that opened a Hartford office last year.
CI’s equity investment is part of an overall $3.1 million funding round for Aureus Analytics, which uses artificial intelligence technology to analyze customer sentiment.
CI named Aureus an early winner in its annual VentureClash competition in October, and its investment deal has been in the works since that time.
It’s the first investment CI has made so far in any of its 2018 VentureClash winners.
Multi-Act, Alpine Meridian and existing investors also participated along with CI in the Aureus fund raise.
Aureus was part of the inaugural cohort of companies selected to participate in the Hartford InsurTech Hub accelerator program at Upward Hartford. That led to the startup establishing a local office as it targets the U.S. market. The company was one of several to receive a $250,000 incentive deal from the Department of Economic and Community Development and CI to help them remain in the area and work on piloting their tech with potential insurer customers.
CEO Anurag Shah told the Hartford Business Journal last month that Aureus is testing its platform with Travelers and had recently signed a new customer in Texas.
“Programs like VentureClash and the Hartford InsurTech Hub help companies like ours grow and prosper in Connecticut,” Shah said in a statement Thursday.
The company will use the funding to expand its presence in the North American market and further develop its product.
