AI Insurance Startup muffintech Raises €3.5M in Funding Round
muffintech specializes in conversational AI for the insurance sector - © muffintech
Berlin's InsurTech startup muffintech has successfully secured €3.5 million in funding to advance its AI solutions for the insurance industry, as reported by AssCompact magazine.
The funding round, led by US-based ff Venture Capital and supported by Techstars, attracted notable insurance industry veterans as angel investors, including Torsten Oletzky, Oliver Brüß, and Stefan Liebig. The financing package includes both equity and an IBB Pro FIT grant of approximately €800,000.
Founded in 2021, muffintech specializes in conversational AI for the insurance sector. The company's innovative "Divide and Conquer" technology breaks down complex queries into smaller, logically connected components. These components are processed separately by AI before being reassembled into coherent responses, significantly reducing AI hallucinations.
According to muffintech CEO Simon Moser, "The strong investor confidence demonstrates that our solutions are meeting the industry's needs." The fresh capital will be used to enhance the company's insurance data model and expand the implementation of their conversational AI applications among leading insurers and insurance brokers.
