Blockchain insurance company Otonomi completes $3.4 million financing, led by ATX Ventures

ChainCatcher news, according to Insurtech Insights, blockchain insurtech company Otonomi announced the completion of a new funding round of $3.4 million, led by ATX Ventures, with participation from GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, and REFASHIOND Ventures.

The new funds are intended to support the development of a blockchain-driven parametric cargo platform, aimed at reducing management costs by 90% and improving claims time and efficiency.

Otonomi was founded in 2020 by CEO Yann Barbarroux and co-founder and CTO Jeremy Sutton. The company is headquartered in Brooklyn and focuses on cargo insurance. It was the first in the market to launch parametric cargo delay insurance—a fast, transparent, and automated delay insurance product—that can resolve claims issues in 45 minutes (instead of 45 days), reducing management costs by up to 90%.