Insurance technology company Galileo Platforms has raised $US2 million ($2.8 million) in investment funding from backers including Melbourne-based Scale Investors.

A group of private Hong Kong investors and a unit of specialist reinsurer Greenlight Capital Re also participated in Galileo’s Series A investment round.

The funding will support Hong Kong-based Galileo’s push to invest further in blockchain technology for the insurance industry.

“We share a common vision that blockchain technology can transform the insurance industry by enabling more agile product design, making transactions more transparent and enabling real-time transactions among all the parties,” Chairman Annette King said.

Formed in 2016, Galileo Platforms provides a range of blockchain-driven services to facilitate quotes, claims, renewal and payment.