OneDegree Group, an insurtech company based in Hong Kong, announced on Thursday that it had closed additional funding, bringing the total amount of its Series B round to $55 million.
According to a statement from OneDegree Group, the company was able to secure the funding as a result of strong revenue growth across all business units, industry-leading innovations in digital assets insurance, and generative artificial intelligence (AI)-enabled insurtech solutions.
OneDegree Group said the additional funding will be used to diversify its product offering and increase the market penetration of its direct-to-consumer insurance products, as well as to expand its digital assets insurance business and insurtech offerings globally.
“We have successfully achieved product market fit, which is a testament to the team’s relentless focus on delivering customer-centric products,
“We have also demonstrated the scalability of our technology-driven business model, as reflected in our operational and financial metrics,” said Alvin Kwock, Co-
Founder and Chief Executive Officer of OneDegree Group.
“It is a real seal of approval to receive such strong backing from the market during this challenging fundraising environment,
“We’re delighted to welcome new investors and strategic partners in this latest closing, alongside our three largest existing institutional investors who also participated,” he added.
It should be noted that OneDegree Group, by utilizing its synergistic expertise in insurance, cybersecurity, and Web3 risk assessment, has gained significant business traction in its digital assets insurance since its full launch in April 2022.
With the help of reliable international reinsurance partners, OneInfinity, its digital assets insurance business, is the first direct insurer for digital assets in Asia.
It is a leader in identifying and evaluating operational risks for virtual asset service providers, including wallet theft, cybersecurity breaches, fraud, third-party crime, and corporate liability.
On the back of rising demand prompted by global regulations governing digital assets over the past 14 months, OneInfinity has already established a track record in protecting over a dozen virtual asset exchanges, custodians, and asset managers, receiving over 100 requests for coverage.
With a clientele that spans traditional insurers and intermediaries to new digital insurers throughout Asia, OneDegree Group has continued to develop and upgrade its market-leading technology, which is productized into IXT insurtech and Cymetrics cybersecurity software as a service (SaaS) solution.
OneDegree Global, the technology division of OneDegree Group, and Microsoft have recently partnered to integrate Azure OpenAI into OneDegree Global’s IXT Seeble and Cymetrics Copilot products.
These ground-breaking generative artificial intelligence (AI)-enabled insurance industry solutions simplify challenging insurance processes, improve customer engagement, and improve cybersecurity management.