The latest financing round saw the participation of new investors Armilar, Hollard, The Centre for the Development of Industrial Technology (CDTI), and Íope Ventures, an investment vehicle launched by Wayra and Telefónica Seguros. Existing investors K Fund and Blackfin also joined in the funding.
Bdeo’s outstanding performance and capital efficiency, even in these challenging times, have garnered the trust of investors. The company’s achievements have been recognized by the European Innovation Council, which awarded Bdeo the prestigious ‘Seal of Excellence.’ Out of 160 companies selected for this distinction annually by the European Commission, Bdeo was among the recipients. Grants from Comunidad de Madrid and red.es were also secured as part of this new investment.
Julio Pernía, CEO of Bdeo (pictured), expressed his gratitude for the trust placed in the company: “We are reassured by the confidence shown by investors, given the impressive results we have achieved and our ability to operate efficiently during these challenging times. This is a significant boost for our team, and we are proud to continue working closely with the insurance sector, adapting to its needs and priorities as we always have.”
Established in 2017, Bdeo specializes in AI-powered Visual Intelligence solutions that remotely assess damages to vehicles and homes, accelerating insurance claims and underwriting processes. The seamless integration of Bdeo’s technology into insurers’ operations and the reliability of its results were key factors driving this new investment. Additionally, Bdeo’s digital and agile user experience played a pivotal role, as policyholders worldwide now expect a streamlined, remote, and prompt insurance experience.
João Dias, Principal at Armilar, highlighted the significance of Bdeo’s platform: “While insurers continue to explore process automation technologies to reduce loss ratios and enhance customer satisfaction, few solutions have the potential for widespread adoption. Underwriting and claims, in particular, present challenges due to the diverse nature of assets like vehicles and properties, as well as the inspection scenarios involving multiple external parties and systems. Bdeo has successfully developed an easy-to-integrate platform that combines cutting-edge computer vision technologies with proprietary data and intelligence from third-party systems. This immediately impacts insurers’ bottom lines, as evidenced by Bdeo’s clients over time.”
Paloma Castellano, Director of Wayra Madrid, expressed enthusiasm for investing in Bdeo through Íope Ventures, stating, “We firmly believe in the disruptive potential of AI-based insurtech, which is revolutionising the business ecosystem. In this case, it will enable greater agility and efficiency throughout insurance operations, ultimately delivering better services to end-users.”
Bdeo’s technology is already being utilised by over 50 insurers in more than 25 countries. The company has a strong presence across Latin America and Europe, with notable partnerships in Spain, Portugal, Italy, France, Nordic countries, the United Kingdom, Mexico, Colombia, Argentina, and South Africa. Major insurance industry leaders such as Reale, Mapfre, Generali, Ageas, Fidelidade, Zurich, Allianz, BBVA, and Hollard are among Bdeo’s esteemed clients.
In Spain, Bdeo currently manages over 50% of motor insurance underwriting and collaborates with eight out of the top ten motor insurers in the market. Alongside its global expansion efforts, Bdeo plans to further develop its Visual Intelligence solutions to cater to new use cases.
