Indio, a US-based digital insurance sales software developer backed by insurance provider Hiscox, secured $6m yesterday in a series A round led by venture capital firm 8VC.
The round included VC firms Compound and Merus Capital as well as VC fund 500 Startups. It followed a $2m seed round backed by Hiscox, Compound, Merus, 500 Startups and VC firm New Enterprise Associates in late 2016.
Founded in 2016, Indio has built an automation-based software platform that helps insurance brokers digitalise their operations.
The software collects data from spreadsheets and other sources, offering features such as smart form filling and digital workbooks to reduce the burden of routine tasks.
The series A funding will be used to help grow Indio’s market share and for further development of its platform.