Health assessment company Lydia AI raises $8 million

Toronto-based Lydia AI , formerly known as Knowtions Research, closed an $8 million Series A funding round led by existing investor Information Venture Partners, and with participation from new investors, including 500 Global, this round brings Lydia AI’s total funding to $14 million.

Lydia AI is a deep learning risk scoring engine trained on global health data to generate precise health benchmarks. Insurers use Lydia AI to accelerate underwriting practices and develop new products.

“We believe that new sources of alternative data and AI will create digital insurance products that are easier to buy and can protect more people, especially those underserved by the industry today. In Asia alone, non-treatment due to lack of affordability amounted to $92 billion USD. With more data and improved predictive accuracy, we can help insurers make better risk decisions that transform customer experience for the next billion people.” – Anthony Lee, CEO of Lydia AI.

Lydia AI will be using the funding to establish itself as the new industry standard for health risk scoring, using digital medical data, by expanding the health score’s applicability to different types of health and life insurance products. The company selected Taiwan, Asia’s 4th largest insurance market, as its pilot market and plans to use its funding to expand into Japan, South Korea and South East Asia.