Founded in 2024, COVR aims to transform the insurance claims process through its Decision Engine, which integrates artificial intelligence, machine learning, and decision logic to support real-time decision-making throughout the claims lifecycle. The platform enables insurers to instantly address questions related to coverage and liability, and to provide guidance on the best course of action for each claim.

Currently operating in the UK, Spain, Japan, and Australia, COVR says it partners with some of the world’s largest insurers. The company’s technology is designed to help insurers dramatically improve the speed and accuracy of claims settlement by analyzing and interpreting complex, unstructured data at scale.

Kevin McLoughlin, Partner and Co-Founder at MTech Capital, emphasized the transformative potential of AI in insurance and his confidence in the COVR team. “We’re at an early stage of the transformation of the insurance industry by AI,” said McLoughlin. “Clearly AI — with its core strengths of analyzing, classifying and summarizing unstructured data — is a game changer for more effective claims settlement. We believe Markus and the senior executives he has assembled are the most experienced team in the market today for claims technology. We’re very excited by the potential we see for COVR to become a claims powerhouse with a global footprint.”

The funding will be used to support further product development and expand COVR’s international presence as it positions itself at the forefront of AI-enabled insurance technology.