The funding comes from 1750 Ventures, the venture capital arm of German insurance firm VGH Versicherungen, liability management firm Gossmann & Cie in Hamburg, and two family offices.

This significant financial injection is expected to empower DGTAL to expand and enhance its cutting-edge technology. Among the shareholders in DGTAL are Swiss software company DEON and the internal DGTAL team.

Founded in 2021 by Florian Herzog and Arndt Gossmann, DGTAL embarked on a mission to explore the potential of artificial intelligence in harnessing unstructured data within claims files. Their groundbreaking prototype demonstrated the ability to extract valuable insights from vast amounts of unstructured data, heralding a transformative shift in claims management.

DGTAL’s advanced technology offers versatile applications, including the auditing, evaluation, and assessment of claims portfolios. The integration of AI into claims settlement and management is projected to generate annual savings exceeding €100 billion for the European insurance industry.

Chlodwig Reuter, senior partner at Gossmann & Cie, said: “Being well anchored in the insurance community, we see the importance of digital transformations and the power of AI for redefining how insurance works. The investment in DGTAL translates our sector experience and our firm strategic belief in technology.”

Andreas Zipf, managing director at 1750 Ventures, added: “DGTAL is an exceptional company, as it combines in-depth insurance knowledge and a technological advantage of two years in the application of AI. This means an outstanding potential in the new era of AI-powered insurance operations.”

Gossmann, CEO of DGTAL and managing partner at Gossmann & Cie, added: “AI will change the way insurance works. I want DGTAL to become a major technology enabler of this paradigm shift. Working with investors that know what they are talking about is the best call for action for a CEO.

“Working with an amazing team to support the change of an entire industry is an honour.”