Indian Angel Network makes undisclosed investment in Artivatic Data Labs

NEW DELHI: Indian Angel Network (IAN) has made an undisclosed investment into, owned by Artivatic Data Labs Pvt Ltd. The investee company will utilise the freshly-raised funds for Business Development, infrastructure enhancement and Research & Development.

IAN member Rajesh Relan (ex-CEO – PNB Metlife Insurance) has joined Artivatic as a board member post the investment. Established in early 2017 by Layak Singh and Puneet Tandon, Artivatic Data Labs Pvt. Ltd. leverages cutting-edge technology such as data analytics, artificial intelligence, and machine learning to address the challenges faced by fintech and insurance businesses. These include issues related to customer on-boarding,

Screening & risk profiling, improving consumer engagement to improve business retention, improving operational efficiency and costs, inaccurate risk/fraud analysis systems, complex & time taking underwriting & claims processes and inefficient processes leading to timely execution.

In a statement Layak Singh said, “Being chosen for investment by Indian Angel Network is a major shot in the arm for us, and a massive validation for our business model. This funding gives us access to growth capital that can help us build on our market differentiation by further strengthening our technological capabilities and delivering efficient tech-led solutions to our customers.”

Artivatic leverages proprietary, patent-pending algorithms and technologies to streamline and automate business-critical Insuretech processes. The platform uses alternative data from multiple sources – internal, external, interaction, device, and environmental, etc. – and combines it with psychological insights and genomics analogy to enrich the quality of fintech data and for 360-degree, in-depth customer profiling.

Rajesh Relan, lead investor, Indian Angel Network, in a statement said, “Artivatic is a new age Insuretech Company that will aims to simplify the processes and improve operational efficiency. We are confident that the team will continue building on its strength and will soon emerge as one of the leading players within the Indian Insuretech domain.”

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