This is SeaPass's second financing round. Hyperion Venture Partners led the first round.
Platinum Neurone Ventures (PNV) has invested $2 million in Tel Aviv-based start-up SeaPass, a developer of software for the insurance industry. This is SeaPass's second financing round. Hyperion Venture Partners led the first round.
SeaPass's technology has been installed at some of the largest insurance companies and agencies in the US. The system enables insurance agents to connect with one or more insurance companies, gather, obtain, and send information and quotes without altering their computer systems. Today, insurance agents wanting to receive information from a number of insurance companies must connect to each company's website separately and type out the data each time, wasting time. As a result, agents prefer receiving information by fax or telephone, instead of using computers. SeaPass's technology can connect to several sites simultaneously in a short time without the need to change computer systems, thereby greatly saving time.
SeaPass CEO Arie Katz and president of US operations Eric Gewirtzman founded the company in Tel Aviv in February 2000. Its chairman is is Dean R. O'Hare, a former CEO of the Chubb group of Insurance Companies. O'Hare is also an advisor to President George W. Bush and was an advisor to former President Bill Clinton.
SeaPass's headquarters and sales and marketing offices are in New York and its development center is in Tel Aviv. The company has 60 employees.
Published by Globes [online] - www.globes.co.il - on July 19, 2004