Qumis raises $2.2 million
Qumis, an assistive-AI platform that can analyze insurance policies and pull relevant information, announced the close of a $2.2 million pre-seed funding round led by Armory Square Ventures, with participation from MTech Capital, Grand Ventures, Alumni Ventures, BrokerTech Ventures, Sean Harper (co-founder and CEO of Kin Insurance), and Tom Vander Schaaf, former General Partner at Edison Partners.
The Chicago-based startup combines AI with “deep legal expertise” to help insurance professionals read, interpret, and provide counsel on complex policies with “unprecedented accuracy and efficiency.” Since its inception in 2023, Qumis has attracted five of the 15 largest US insurance brokers, as well as leading specialty carriers and top insurance-focused law firms.
The Qumis solution can scan and analyze insurance policies and claim files to assess coverage issues and draft coverage letters, and compare insurance policies, quotes, and binders to identify gaps and make coverage recommendations.
“At Qumis, we enable insurance professionals to work smarter, faster, and more confidently. Advances in AI have unlocked the opportunity to reimagine the way insurance policies are analyzed and understood, transforming workflows that have remained unchanged for decades. This funding will accelerate our mission to bring cutting-edge solutions to an industry still entrenched in paper-based processes.” – Dan Schuleman, Qumis co-founder and CEO.
“The Qumis team has already achieved extraordinary traction with minimal resources, demonstrating both their ability to execute and meet the immense demand for their platform. We’re thrilled to partner with Qumis to drive the digitization of a legacy industry that is ready for transformation.” – Neenah Jain, partner at Armory Square Ventures.