Property insurance AI solution Flyreel secures $3.85m

Flyreel, an AI solution for property insurance, has secured $3.85m in its latest round of funding, which was led by Gradient Ventures, the AI-focused fund of Google.

Commitments to the round also came from State Auto Labs Fund, and Donan, a US-based forensic investigation firm.

Following the close of the round, Flyreel will look to meet the demand for its platform and expanding the current team. Capital will also be used to further the development of its technology.

US-based Flyreel supplies commercial and residential property insurance carriers with an AI assistant to capture and analyse ground-level data. The AI guides policyholders through their own property inspections using a camera on their mobile device and uses insurance-specific computer vision, it said.

When a user moves their phone around the interior and exterior of their property, the Flyreel solution automatically documents data, features, contents and policy-worthy details. This gives carriers the ability to offer more personalised self-inspections with real-time data intelligence and baseline records of properties to ease policy generation.

Gradient Ventures partner Zach 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.”

Earlier in the year, Gradient Ventures led the £10m Series A funding round of Labelbox. The company offers collaborative training data software for machine learning teams so they can use all AI offers. Companies can collate their in-house and external labelling activities into a single location and ensure machine learning technology has full access to training data.

Copyright © 2019 FinTech Global

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