Zesty.ai, an AI-powered computer vision solution helping insurers better assess risk, has closed its Series A on $13m.
The capital round was led by Luxembourg-based investor Blamar. Participation also came from Plug & Play Ventures and other unnamed existing backers. Capital from the round will be used to grow its data science, engineering and customer success teams, as well as gather further data for its platform.
California-based Zesty aims to help property and casualty insurance carriers, reinsurers, managing general agents and InsurTechs to improve their risk assessments.
Its AI-powered computer vision solution utilises satellite and aerial imagery along with data sources from billions of data points on buildings and their surroundings. Following this, the machine learning technology will simulate multi-peril catastrophic events, such as hurricanes, wildfires and flood, among others, and see the impact to the property.
By doing this, insurance companies are able to receive decreased loss ratios due to improved underwriting, stronger customer and agent relationships and decreased expense ratios with less physical inspections.
The company’s solution also helps with claim management, with automating small-ticket claims and assessing damage after events.
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.”
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