American insurtech underwriting start-up Flyreel has raised $3.85M in the latest investment round led by the Google AI venture fund Gradient Ventures.
The funding round was also joined by State Auto Labs Fund, a subsidiary of State Auto Insurance Companies, and the forensic investigation firm Donan.
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The company intends to use the proceeds to fulfill customer demand, team expansion and speeding up the development process of its patent pending technology.
Flyreel founder and CEO Cole Winans said: “Our AI has demonstrated an ability to positively impact carrier outcomes and customer experiences.
“This round of financing from established AI and industry experts plays a key role in supporting the delivery of our technology to new and existing customers. We’re just beginning to scratch the surface of AI’s potential in insurance, with so much more to come.”
Flyreel, which established in 2016, arms property insurance carriers with an AI assistant that captures and analyses ground-level data.
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By GlobalDataThe smart digital assistant guides policyholders through property inspections using the camera on their mobile device.
Flyreel COO and co-founder Laurie Kuhn said: “Since announcing our availability in the market, the opportunity has become clear. Carriers want to deliver better experiences to their customers, policyholders expect better experiences from their carriers, and Flyreel enables both.”
Gradient Ventures partner Bratun-Glennon said: “The potential for artificial intelligence to improve the experience and economics of insurance is immense.
“Flyreel’s application of computer vision and broader machine learning is improving the customer experience while simultaneously providing insurers with data and intelligence they previously could never access.”
