Insurance-tech startup raises $2.5 million

A Chicago startup has raised $2.5 million in hopes of using artificial intelligence and Big Data to help insurance companies make smarter underwriting decisions more quickly. DataCubes raised the money from Seyen Capital and MK Capital. The company was founded last year by Kuldeep Malik, a co-founder of mobile-advertising software company Persio (formerly called Iris Mobile), and Harish Neelamana, who previously worked for insurers Zurich and Allstate. "I wanted to create a Big Data solution to solve a tangible business problem; my friend Harish is an expert in commercial insurance," Malik says. They're trying to disrupt the commercial insurance business by using artificial intelligence and machine learning.