Íope Ventures, the investment vehicle created by Wayra and Telefónica Seguros, has joined the investment round of the Spanish insurtech company Bdeo. This is its first investment since its launch in September 2022.
Bdeo offers AI-based technology capable of detecting damage to vehicles and homes, significantly accelerating claims resolution and insurance underwriting. Bdeo already manages more than 50% of motor insurance subscriptions and works with 8 of the 10 leading motor insurers in the market. Furthermore, the scaleup will also focus on developing visual intelligence to encompass new use cases and will boost its international expansion and presence in Europe and Latin America to become the benchmark for visual intelligence in these regions. The funding round that Íope Ventures has joined will help Bdeo achieve its goal of boosting its internationalization. Along with Íope Ventures, new investors have joined Bdeo to support its internationalization efforts, including Hollard, Armilar, and the CDTI (the Centre for the Development of Industrial Technology), which is participating through K Fund. K Fund and Blackfin are also returning investors in Bdeo. This round is further bolstered by grants received from CAM and red.es, following Bdeo's award of the European Innovation Council's Seal of Excellence, a recognition granted by the European Commission to only 160 companies annually. Bdeo has closed this investment round with €7.5 million. Paloma Castellano, director of Wayra Madrid, states: “At Wayra, we are delighted to invest in Bdeo together with our colleagues at Telefónica Seguros through Íope Ventures. We believe in the disruptive proposition of AI-based insurtech, which, as we know, is revolutionizing the business ecosystem and, in this case, will allow for greater agility and efficiency in insurance operations, thus providing better service to the end user.” Julio Pernía, CEO of Bdeo, comments: “We are happy to announce this round. In the current climate, knowing that our strong results and capital efficiency have earned the trust of the funds that have decided to invest in this project is a great boost for our team. We will continue working alongside the insurance sector and adapting to its needs and priorities, as we always have.” Íope Ventures, a vehicle specializing in insurtech