Zesty.ai, a US-based artificial intelligence (AI) powered insurtech, has raised $13m in its Series A funding round to support business expansion.
Led by Luxembourg-based private investment fund Blamar, the financing round was also joined by the company’s existing investors including Plug & Play Ventures.
Zesty.ai said that it will use the money to expand its data science, engineering and customer success teams and ingest additional data into its platform.
Zesty.ai enables property and casualty insurance carriers, reinsurers, managing general agents (MGAs) and insurtechs to better assess risk through its AI-powered technology, which models multi-peril catastrophic loss events such as hurricane, wildfire, flood, among others.
Recently, the company rolled out its wildfire model that integrates high fidelity property level features about vegetation, neighbourhood characteristics, building materials, topography and weather patterns.
Using machine learning, Zesty.ai combines these risk modifiers with actual loss data from the different wildfire events into a projecting risk score that impacts underwriting decisions and risk mitigation strategies.
Zesty.ai CEO and co-founder Attila Toth said: “Artificial Intelligence will revolutionize the traditionally data-driven insurance industry and we are thrilled to be at the forefront of this massive change.
“We are immensely thankful to our customers, employees, investors and partners for enabling us to become a leader in this space!”