Hong Kong-based digital insurance coverage firm OneDegree Group has introduced the closing of its $55m Sequence B funding spherical.

Based on a report by Advertising-Interactive, the newest spherical concerned the participation of enterprise capital agency Gobi Companions, together with different new and current traders similar to Solar Hung Kai and Bitrock.

Gobi Companions co-founder Thomas G Tsao mentioned: “Our continued funding in OneDegree Group underscores our confidence of their sturdy group, sustainable operations, and relentless innovation.

“Their increasing presence throughout Asian markets and past signifies the huge potential of their pioneering insurance coverage options, promising a vibrant, international future.”

In a LinkedIn publish, OneDegree mentioned the newest milestone may be attributed to its robust income development in all of the enterprise segments and its new digital belongings insurance coverage and generative synthetic intelligence (AI)-based insurtech options.

OneDegree Group is now planning to utilise the funds to increase its digital belongings insurance coverage enterprise and current insurtech choices.

The corporate additionally intends to broaden its different choices, whereas strengthening market penetration of its direct-to-consumer (D2C) insurance coverage merchandise.

The group has recorded robust income development during the last two years, together with month-to-month revenues rising four-fold, which is particularly pushed by robust natural development of D2C merchandise, in addition to hearth, pet, residence and medical insurance coverage.

OneDegree Group co-founder Alex Leung mentioned: “We’re extremely happy with the strides we now have made in a brief span of time. Our robust development within the digital belongings insurance coverage area displays the trade’s belief in our pioneering capabilities and experience.

“With the mixing of Microsoft’s Azure OpenAI into our IXT insurtech and Cymetrics options, we aren’t simply staying forward of the curve however shaping the way forward for the insurance coverage trade.

“Via relentless innovation and collaboration with international companions, we stay devoted to empowering each conventional and digital insurers and contributing positively to the insurance coverage ecosystem.”