HSCM Ventures, the venture investing arm of insurance-linked securities and reinsurance specialist investment manager Hudson Structured Capital Management Ltd., has led a $4.5 million seed funding round for data-driven workers’ compensation insurtech startup Insurate.

Insurate uses proprietary data and indices it creates to help identify businesses as “safe” to aid in pricing insurance for them.

Its solutions are offered in partnership with specialist workers compensation insurers, including Key Risk (a Berkley Company), Encova, and several additional leading work comp insurers.