HealthyHealth Group has closed a $10m (£7.08m) series A financing round and changed its name to Qumata.
The firm works with insurers to help price life or health insurance policies using digital data from mobile devices and wearables.
The firm, which counts Aetna International president Richard di Benedetto as one of its board directors, revealed this latest funding round was led by MMC Ventures who were joined by new investors including AdirVentures and existing investors including TMT Investments.
The group says the funds will help increase its global expansion of its product with an array of listed insurers in Europe, Asia Pacific, the UK and North America.
As part of this expansion, the group also revealed it is changing its name to Qumata.
Following this latest funding round, Oliver Richards, partner at MMC Ventures and Barry Karfunkel, founder of AdirVentures, join existing board members Qumata CEO Luca Schnettler, Qumata COO Etienne Bourdon and di Benedetto.
Luca Schnettler, group CEO at Qumata, said: “Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly in the underwriting process.
“Our customers are already seeing significant benefits in using our technology to transform the traditional underwriting journey, and benefiting from higher conversion rates and improved underwriting outcomes.
“We are also excited to announce our new brand. Since our founding in 2017, the business has evolved and built a strong presence in the insurance world.”
Oliver Richards, partner at MMC Ventures, added: “Qumata is well placed to bring much needed transformation to traditional life and health insurance underwriting, with a genuinely innovative data science led solution that is unique in the market.
“With a proven technology platform, a strong leadership team in place and ambitious plans for international growth, we are delighted to be part of this exciting journey.”