Adit Ventures Agrees To Seed Aanika Re
Adit Ventures Agrees To Seed Aanika Re
Aanika Re, a Bermuda-based insurance company that is entirely owned by Aanika Biosciences, will receive seed funding from Adit Ventures. Aanika Biosciences is a synthetic biology start-up with headquarters in Brooklyn that employs microbes to increase food safety. Dr. Ellen Jorgensen and Vishal Bhuyan launched the business in 2018.
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Its mission is to use biological technologies, including the microbial tagging technology created by Aanika Biosciences, to avoid, identify, and reduce numerous dangers in the food and agricultural industries.
No one is looking at biology as a source of data in the trillion dollar insurance sector, according to Vishaal Bhuyan, co-founder and CEO of Aanika Biosciences. Three major factors are at the root of traceability: 1) climate change, which may cause a considerable increase in food safety concerns, 2) FDA traceability requirements, which will go into force in less than 24 months, and 3) ESG compliance for public corporations.
In February, Aanika Bioscences was accepted into the BMA Reinsurance Innovation Hub.
Adit Ventures Agrees To Seed Aanika Re
The program will allow reinsurers to explore how the application of Aanika’s traceability and prevention technology can help reduce the size of claims while lowering premiums and expanding protection for the food and agriculture industry.
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Aanika estimates its technology could help in the underwriting of nearly $100bn in premiums linked to contamination, recalls, crop insurance as well as non-safety-related claims linked to ESG practices and general product liability.
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