Digital Owl, a leading provider of AI-powered medical claim analysis, raised a $6.5 million seed investment round led by Ibex Investors

Digital Owl, a provider of AI-powered medical claim analysis, announced a $6.5 million seed investment round led by Ibex Investors. Amnon Shashua, the founder of Mobileye and Orcam, Fusion LA, and Menora Mivtachim participated.
Digital Owl’s AI system quickly and accurately reads, analyzes, and digitizes medical records, allowing insurance experts to focus their valuable time on making better decisions, faster. Each year, the insurance market invests more than $3 billion in work hours devoted to analyzing and summarizing medical records.
“Leveraging advanced natural language processing, Digital Owl has built a unique proprietary engine that addresses a pressing need from insurers to better predict risk and claims,” says Nicole Priel, Managing Director at Ibex Investors. “Digital Owl removes the friction from underwriting and claims analysis, allowing providers to replace a lengthy, manual, and error-prone process with automation and accuracy. We are thankful to partner with them on this journey.”
The company was founded in 2018 by Yuval Man, CEO, a lawyer by training, and Amit Man, CTO, who specializes in artificial intelligence. The idea sprung up at a family dinner.
“We talked as usual about how the past week was. I shared what I was doing in the office as a tort lawyer, which primarily involved parsing hundreds of pages of documents to assess medical damage,” says the CEO Yuval Man. “Amit replied that it was insane that this work was still done manually and not via artificial intelligence. I rejected the idea and said a trained professional was a must because the work requires skills, precise judgment, and professional expertise. The following Sunday, I was going through medical documents in the office yet again, and realized that Amit was right. We opened the company the next day.”
Digital Owl employs 41 people in Israel and the US. The company’s product is enjoyed by customers worldwide, including some of the largest insurance companies.
The company intends to use the investment to expand its workforce and deepen its technology. Digital Owl is a graduate of the Israel Security Agency and Tel Aviv University’s The Xcelerator, the prestigious Fusion LA Accelerator, and the world’s largest InsurTech program, Plug and Play in Silicon Valley.
Ibex Investors was Founded in 2003, Ibex Investors is a US-based multi-strategy investment firm targeting outsized returns through differentiated global strategies. Ibex proactively seeks out markets and opportunities commonly dismissed as too difficult or too different and prides itself on finding the hidden gems often overlooked by others. Ibex is headquartered in Denver, Colorado with additional presence in New York and Tel Aviv.
Fusion LA is a VC-firm and accelerator focused on investing in early-stage (pre-seed & seed) Israeli startups looking to scale in the US. Since 2017, Fusion has backed over 50 early-stage companies, and was voted Israel’s best accelerator program for 2020. Fusion LA’s mission is to empower the innovative Israeli tech sector with the know-how and contacts it needs to scale in the US, the leading growth market for tech companies.