Blockchain insurance technology company Otonomi completed a $3.4 million financing that will drop management costs by 90%.

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Otonomi, a blockchain insurtech company, announced the closing of a new $3.4 million funding round led by ATX Ventures, with participation from GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, REFASHIOND Ventures, among others, with the new funding to support the construction of a parametric cargo platform that aims to reduce administrative costs by 90% and improve claims time and efficiency.

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