Sixfold, the company empowering underwriters with a generative AI solution for end-to-end risk analysis, has announced a successful $15m Series A funding round.
This significant investment round was led by Salesforce Ventures, with contributions from Scale Venture Partners and previous investors Bessemer Venture Partners and Crystal Venture Partners.
The funds will be utilised to further build Sixfold’s team of AI/ML engineers, enhance product capabilities, and accelerate research and development efforts.
This tranche will help Sixfold expand its operations beyond North America, targeting the UK and European Union markets. The company aims to bolster its international presence while continuing to innovate and refine its AI-driven underwriting solutions.
Over the past year, Sixfold has gained traction with a diverse customer base that includes commercial P&C, Specialty, and Life insurers like AXIS Capital, Zurich Insurance Group, Generali Global Corporate & Commercial, and Mosaic Insurance.
The company has also formed partnerships with firms such as EXL and joined the Guidewire Insurtech Vanguard.
Sixfold’s achievements include selection for the Lloyd’s Lab Accelerator program, which fosters global innovation in the insurance and reinsurance marketplace.
The program offers collaboration opportunities with Lloyd’s mentors, aiding Sixfold’s expansion into new markets.
Additionally, Sixfold was named a winner in the Zurich Innovation Championship 2024, an annual program sponsored by Zurich Insurance Group. This accolade positions Sixfold to participate in a four-month accelerator program aimed at developing new commercial underwriting solutions.
Laura Rowson of Salesforce Ventures, stated, “As a firm that invests heavily in vertical SaaS innovation, we see Sixfold as a company capable of transforming the insurance industry with a purpose-driven generative AI solution. With Sixfold’s AI, insurance carriers review and close more business, helping them to increase profitability. Sixfold’s traction over the past year demonstrates the value it clearly delivers.”
Alex Schmelkin, Sixfold CEO, added, “With generative AI, and our patent-pending technology, it’s possible for every underwriter to have their own virtual team of researchers and assistants to evaluate risk. Our AI is built to deliver the greatest efficiency and user experience in the industry. What we have created and continue to refine is more than just a tool for underwriters. It’s a comprehensive end-to-end risk analysis solution.”
Sixfold previously raised an undisclosed amount in seed funding from Bessemer Venture Partners and Crystal Venture Partners, contributing to its rapid development and market entry.
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