Axle, which aims to bridge the gap in insurance through a universal API for insurance data, has secured $4m in a fresh funding round.
The investment was led by Google’s AI-focused venture capital fund Gradient Ventures. Other commitments came from Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, as well as angel investors including members of the founding team of Plaid and former executives from Cox Automotive.
This capital injection will enable Axle to hire more staff to meet new and existing demands for its services. The InsurTech is also looking to expand into new markets.
Axle stated that the reliance of legacy systems within insurance, as well as paper-based processes and lengthy phone calls with third parties, has left high-risk organisations, such as rental car companies, lenders and gig services, struggling to accurately assess risk and make informed decisions at scale.
To fix this, Axle has designed a universal API for insurance data that enables clients to make decisions within seconds. Its platform allows users to connect their insurance account to trusted companies within seconds.
Within the first year of its launch, Axle has grown its carrier network to hundreds of insurance carriers.
Gradient Ventures partner Wen-wen Lam said, “Axle’s innovative approach to insurance and commitment to a personalised customer experience has already demonstrated early traction and validates their potential to make a significant impact in the market. We look forward to supporting the team and their mission to democratise access to insurance data.”
In other InsurTech news, Lloyd’s named the 13 InsurTech companies to join the tenth cohort of its innovation hub, the Lloyd’s Lab. The ten-week programme provides teams with support to develop products and explore how their innovations could help the Lloyd’s market.
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