Blockchain insurance company Otonomi completes $3.40 million financing round, led by ATX Ventures

ChainCatcher news: Blockchain insurance technology company Otonomi announced the completion of a new funding round of 3.40 million USD. The round was led by ATX Ventures, with participation from GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, REFASHIOND Ventures, among others. The new capital is intended to support the development of a blockchain-driven parametric cargo platform designed to reduce management costs by 90% and improve claim processing time and efficiency. Otonomi was founded in 2020 by CEO Yann Barbarroux and Co-founder & CTO Jeremy Sutton. Headquartered in Brooklyn, the company focuses on freight insurance. It was the first to launch parametric cargo delay insurance in the market – a fast, transparent, and automated delay insurance product that resolves claims within 45 minutes (instead of 45 days), cutting management costs by up to 90%.