We're excited to announce our $250k seed investment in Sync Technologies, a pioneering Australian startup changing how insurance claims are assessed and processed using digital twin technology.

We first met Carolina Dreifuss at an event earlier this year and were instantly struck by her sector knowledge, ambition, early traction and insight into how to transform an old industry with the latest AI/ML technologies.

The insurance claims process has historically been plagued by inefficiency - manual paperwork, time-consuming site visits, and lengthy processing times that frustrate both insurers and customers. 

Sync Technologies is tackling this multi-billion dollar industry problem head-on with their Digital Twin as a Service (DTaaS) platform – reducing processing times by 75%, what used to take months can now be completed in days. In the future, they think they can bring this down even further.

Normally insurers and claims assessors work by exchanging long PDFs and emails of information about each claim, while SyncTech gives them the ERP-like solution to coordinate everyone's work in one place, in addition to taking information out of silos. It’s better for the claims assessor, insurer – and of course the policyholder.

Behind every insurance claim is a family or business. With over $6B in losses from Australian catastrophes in the past two years alone, and increasing risk of climate change, we think changing how this sector operates is vital to the future.

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Why We're Excited

1. Massive Burning Market Opportunity

The insurance claims assessment market is ripe for disruption, with potentially millions of dollars wasted on manual processes. SyncTech's technology can dramatically reduce this inefficiency while improving outcomes for everyone in an industry that has a high complaint rate.

2. Exceptional Team

Carolina Dreifuss is what we call an exceptional emerging founder – SyncTech is her first startup after previously being Asia Pacific lead at Hilti where she earned insights into the construction sector and how to improve it. Dimitri Voronenko was previously CTO at Mad Paws and has worked and supported various startups build world class products.

3. Thesis: Digital Twin x AI-Market Fit

We’ve invested in Digital Twin startups before (see our investment in Nominal Systems) and know the huge potential of creating hyper-realistic digital simulations of real-world assets. Combined with AI/ML technologies, and future agentic features coming, SyncTech has turbocharged this application for the insurance sector.

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The Sync Technologies Solution

Sync's platform combines data capture technology, advanced visualisation and AI to create detailed digital twins of properties. This allows insurance assessors to:

• Conduct remote site assessments from their desktop
• Get accurate measurements and damage assessments
• Make faster, more informed decisions
• Reduce travel time and costs of staff and assessors
• Improve customer experience through faster claim resolution

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What used to be processed on paper and PDFs can now be down through the web where all stakeholders can collaborate on one claim with rich, 3D representation of the properties being assessed. This is a 10-100x improvement in our view! 

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The Journey Ahead

The team has already secured their first major international enterprise customers and are growing ARR fast. Their ambitious expansion plans include entering UK and US markets by early 2025.

We're thrilled to partner with Carolina and the Sync Technologies team as they transform the insurance sector.

For more information about Sync Technologies and to get a demo visit their website.

The TLDR; Tell me in a meme:

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