Three and a half years after its first round of investment, ICT company Friss has raised € 55 million ($ 65 million) in fresh capital. The Utrecht specialist in the field of automated insurance fraud detection spends the money on product innovation, new markets and company growth.
The new capital comes from investment company Accel-KKR and current investor Aquiline, which will close at the end of 2017. 15 million euros available to Friss. Even then, the capital was earmarked for product development and growth.
Friss was founded in Utrecht in 2006 by the current CEO Jeroen Morrenhof and the current Technical Director Christian van Leeuwen. In addition to Domstad, the company now has branches in the United States (Ohio), Germany, Latin America, the United Kingdom, France, and Spain. Part of the new capital injection will be used to expand these markets.
Insurers
To date, the company has delivered more than 200 implementations of its online fraud detection tool. It is mainly insurance companies that use the tool.
Insurers have to deal with demanding customers who need fast, personalized delivery. wait for services. By automating, they hope to work more efficiently and serve customers as they please.
Friss’ saas solution uses artificial intelligence to mitigate claims and underwriting risks. Insurance fraud is a growing problem and Friss is providing a solution by leveraging new technology and a rich data ecosystem, according to new investor Accel-KKR.
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