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London Tech Week

Madrid-based Bdeo raises €7.5M to deploy AI in insurance industry

Bdeo founders
Picture credits: Bdeo

Based out of Madrid, Bdeo, provides Visual Intelligence for the insurance and fleet industries. It has raised an additional €7.5 million in funding. The new financing came from new investors Armilar, Hollard, The Centre for the Development of Industrial Technology (CDTI), which invested in Zinkler and Toqio, and Íope Ventures, a new investment vehicle launched by Wayra and Telefónica Seguros. Existing investors K Fund and Blackfin also participated in the investment.

Funds to bolster its growth

Bdeo will use the investment to accelerate its international expansion and strengthen its position across Europe and Latin America. While Bdeo already manages more than 50% of motor insurance underwriting and works with 8 of the 10 leading motor insurers in Spain. In addition to accelerating its international expansion, Bdeo plans to continue developing its Visual Intelligence solutions to cover new use cases.

“Based on the impressive results we have achieved and our capital efficiency given the challenging times we’re living in, it is reassuring to receive this trust from investors,” said Julio Pernía, CEO of Bdeo. “It is a significant boost of confidence for our team, and we are proud to continue working closely with the insurance sector and adapting to its needs and priorities, as we always have.”

“Bdeo has successfully created an easy-to-integrate platform that brings together the latest computer vision technologies coupled with proprietary data and intelligence from third-party systems. This assures an immediate impact on the insurer’s bottom line, which has been recognised over time by Bdeo’s clients,” said João Dias, Principal at Armilar. 

“At Wayra, we are delighted to invest in Bdeo through Íope Ventures with our partners at Telefónica Seguros. We believe in the disruptive potential of insurtech based on AI, which, as we know, is revolutionising the business ecosystem and, in this case, will enable greater agility and efficiency throughout insurance operations, thus providing a better service to the end user,” said Paloma Castellano, Director of Wayra Madrid.

“We at K Fund believe that Bdeo’s potential goes beyond the insurance industry; its damage detection and cost estimation technology can be applied to other use cases such as vehicle fleet management or property management, use cases that the company is already making progress with. We have no doubt that Bdeo will become one of the major references in artificial intelligence in Europe,” said Marc Clemente, Partner at K Fund. 

“We’re more than happy to continue supporting Bdeo in its growth journey. We have immense confidence in Bdeo’s team and are enthusiastic about continuing to collaborate with them on their expansion. Since day one, we have been deeply convinced of the pivotal role that Bdeo’s technology plays in empowering insurers to effectively manage claims and optimise their operational processes,” said Gabrielle Thomas, Investment Director at BlackFin Tech.

Visual Intelligence to transform insurance 

Bdeo was founded in 2017 by Julio Pernía and Manuel Moreno, two entrepreneurs with experience in building B2B SaaS companies within the insurance industry. It specialises in Visual Intelligence, a specific type of AI that optimises and automates processes for insurance and fleet management companies. 

The company’s mission is to transform the auto and home insurance sectors, as well as fleet management, through its Visual Intelligence solutions, changing how customers interact with companies in these sectors. With this value proposition, Bdeo is revolutionising the underwriting and claims assessment processes by minimising friction between the user and the company, increasing user satisfaction, and reducing operational costs for companies.

Widespread presence 

Currently, Bdeo works with more than 50 insurers in more than 25 countries. The company has a growing presence across Latin America and Europe, particularly in countries such as Spain, Portugal, Italy, France, Nordic countries, the United Kingdom, Mexico, Colombia, and Argentina. 

Bdeo works with global insurance leaders such as Reale, Mapfre, and Generali in Spain, Ageas in Portugal, Fidelidade in Portugal, Zurich, Allianz, and BBVA in the Latin American market, and Hollard in South Africa.

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