Gurgaon-based insurance technology company RenewBuy has acquired Bengaluru-based fintech startup Artivatic. AI in a combination of share-swap deals and cash. The deal was finalised in the first week of February.
RenewBuy is a platform for comparing and purchasing motor and health insurance. The firm will now take over Artivatic.AI’s SaaS services for insurance; IP; and product portfolio.
Last year, RenewBuy raised USD 45 million from Apis Partners LLP of the UK, Lok Capital and IIFL Asset Management in Series C. The company is using the capital to strengthen its technology solutions.
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Artivatic. AI leverages artificial intelligence and machine learning to offer underwriting and claim solutions in finance, healthcare and insurance sectors.
Artivactic.AI CEO Layak Singh said the acquisition will give the company exposure to 3 million consumers and help deliver cutting edge product solutions.