Optalitix, the specialist finance software provider, today announces a follow-on fundraising round of US$3mil, led by existing investor Calculus Capital, with participation from 24 Haymarket and others. The latest successful funding brings the total capital raised by the company to US$8mil.
The funding proceeds will be used to further accelerate product innovation and support the execution of Optalitix’s ambitious expansion plans.
Digital transformation is now the top priority for many insurance organisations, worldwide. Technology spending is forecast to grow by more than 25 percent by 2026 as solutions that address the most urgent pain points become more important to maintain competitiveness and build market share.
In this environment, Optalitix has gone from strength-to-strength, partnering with major UK insurers as well as banking and healthcare organisations by providing leading software pricing products that improve underwriting performance, drive operational efficiency and support business development.
“Optalitix is perfectly positioned in a market where digital transformation is driving more effective pricing and underwriting,” said Alexander Crawford, Co-Head of Investments at Calculus. “Targeting a vast global market, the company is backed by an exceptional management team that combines deep knowledge and understanding of the insurance and banking industries and with extensive commercial expertise in software engineering. We are thrilled to collaborate with them to help them in the next stage of their development.”
Jonathan Shapiro, co- founder and director of Optalitix, said: “Our products offer a best-of-breed solution with fast implementation, enhanced workflow, and seamless integration into existing frameworks utilising existing models. This has already proved invaluable to the success of our cross-sector clients. Now, with further support from Calculus and our other investors, we’re excited to expand our capabilities to reach a broader user-base with an enhanced offering, in the future.”
Optalitix’s award-winning products are customer-focused and easy to use, helping businesses manage risks better, optimise pricing using flexible pricing models in multiple formats, improve underwriting performance, boost efficiency, and reduce costs. They also empower more effective data analysis, generating actionable insights that drive growth.
Optalitix provides three key products: Optalitix Models, which converts Excel models into a cloud-hosted system, converting models into code in minutes; Optalitix Quote, which delivers a digital pricing and underwriting workbench; and Optalitix Originate, a cloud-lending platform which streamlines the lending process and improves profitability.
Whilst providing significant improvements to business performance, Optalitix’s cutting-edge solutions also allow multiple processes to be streamlined, automated, and properly governed, saving thousands of hours of system development and data processing time, controlling changes and providing a full audit trail.
Optalitix has customers in the UK and internationally, including major names such as S&P Global, GoCompare, Lloyd’s, Pool Re, YuLife, and Hampden Risk Partners. The company has been recognised by various prestigious programmes and industry awards, including the Fintech Innovation Lab, Lloyd’s Lab, Mass Challenge, and Oxbow Insurtech 25.
About Optalitix
Insurtech Optalitix, established in 2013, is an award-winning Insurtech that provides software pricing products to leading UK insurers, including the London Market, as well as the banking and healthcare industries in the UK.
As a specialist insurance underwriter software provider, Optalitix is made up of a team of over 50 engineers, actuaries, analysts, and data scientists, who specialise in creating scalable, no-code, cloud-based products, including the ability to automatically convert Excel spreadsheet models to code.
Optalitix’s award-winning products are designed for ease of use, empowering insurers to enhance risk management with versatile pricing models that optimise pricing, improve underwriting performance, boost efficiency, and lower costs. Additionally, they enable insurance and finance businesses to analyse data more effectively, generating actionable insights that fuel growth.
The company’s achievements have been recognised by various prestigious programmes, including the Fintech Innovation Lab, Lloyd’s Lab, Mass Challenge, and Oxbow Insurtech 25, as well as winning a number of prestigious industry awards.