Certificial, creator of the Smart COI Network™, pioneers in the field of business insurance monitoring, have confirmed the acquisition of $15m of funding led by Nyca Partners.
This round of financing further validates Certificial’s innovation in the risk management landscape and has bolstered their stature among insurance brokers.
The funding round was led by Nyca Partners, with participation from other investors including IA Capital, Fin Capital, Cofounders Capital, Cameron Ventures, and Nationwide Ventures. The significant capital injection will undoubtedly accelerate Certificial’s already impressive traction within the risk management community.
Certificial leverages its patented software to monitor insurance data in real-time, ensuring that businesses maintain continuous, compliant insurance coverage within their supply chain. The platform uniquely merges certificate issuance and compliance management into a singular entity, abating risk, guaranteeing compliance, and curtailing costs for all stakeholders in the certificate of insurance (COI) process.
Certificial CEO and co-founder Peter Teresi said, “As we near a significant inflection point in the adoption of our platform, Certificial has raised this capital to further empower how insurance is shared amongst businesses and to help support our organisation’s operational growth. NYCA’s investment confirms Certificial is on path to creating an innovative network driven by data, replacing email, faxes and traditional mail.”
Stephanie Khoo from Nyca also spoke on the investment, “Certificial has solidified itself at the intersection of the insurance industry and organisations’ risk management functions. The execution of their vision for transforming this process has fueled 40x the number of transactions on the platform over the last year and we’re thrilled to partner with them to support this growth.”
Additional funds from this round will be geared towards hiring new talent to keep pace with Certificial’s rapid expansion. Co-founder Rob Blanchette mentioned, “With most of the capital from this raise, we’ll be accelerating the hiring of top-tier talent to continue supporting the hypergrowth we’ve been experiencing. Our goal is to quickly expand our team, including the hiring of many key leadership positions, while maintaining profitability along the way.”
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