Ledger Investing Inc., an insurance technology startup led by former American International Group Inc. executive Samir Shah, is set to secure $5 million of seed funding from venture capital funds and insurance and reinsurance market entities, Artemis reported, citing Shah.

The funding will be used by the company to build its insurance risk securitization platform and expand its team.

Accel Partners, 500 Startups, SignalFire, MassMutual Ventures LLC, AmWINS Group Inc. reportedly participated in the seed funding round. Garrett Koehn, the western regional director of broking group CRC, was an angel investor in the company.