Sixfold, an insurtech start-up specialising in generative artificial intelligence (GenAI) for insurance underwriting, has secured $15m in Series A funding.
The funding round was led by Salesforce Ventures and supported by Scale Venture Partners, along with existing investors including Bessemer Venture Partners and Crystal Venture Partners.
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Sixfold plans to use the funding to bolster its AI and ML engineering team, product capabilities, and research and development initiatives.
The investment will also facilitate Sixfold’s expansion into the UK and EU markets.
Sixfold, under the leadership of co-founder Alex Schmelkin, claims that it is the first GenAI solution designed specifically for insurance underwriting.
The company collaborates with insurers to train AI underwriting models tailored to their business portfolio.
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By GlobalDataWithin one year of its establishment, Sixfold has garnered a client base that includes insurers such as AXIS Capital, Zurich Insurance Group, Generali Global Corporate & Commercial and Mosaic Insurance.
The start-up’s growth also includes a broadened partner network featuring companies such as EXL.
Sixfold said the insurance sector currently faces a challenge, with underwriters overwhelmed by a high volume of submissions, often only responding to a mere 10%.
Sixfold’s solution aims to alleviate the concerns of underwriters by helping them focus on the most relevant risks.
Salesforce Ventures Laura Rowson said: “As a firm that invests heavily in vertical SaaS innovation, we see Sixfold as a company capable of transforming the insurance industry with a purpose-driven generative AI solution.
“With Sixfold’s AI, insurance carriers review and close more business, helping them to increase profitability. Sixfold’s traction over the past year demonstrates the value it clearly delivers.”
Sixfold CEO Alex Schmelkin said: “With generative AI, and our patent-pending technology, it is possible for every underwriter to have their own virtual team of researchers and assistants to evaluate risk.
“Our AI is built to deliver the greatest efficiency and user experience in the industry. What we have created and continue to refine is more than just a tool for underwriters. It is a comprehensive end-to-end risk analysis solution.”
