AI-powered insurtech Zesty.ai raises $13m capital for expansion
US-based artificial intelligence (AI) startup Zesty.ai has secured a $13 million investment in its Series A financing round, led by Luxembourg-based private investment fund Blamar.
Silicon Valley-based Venture capital firm Plug & Play Ventures and existing investors also participated in the financing round.
The company said it will use the capital infusion to expand its data science, engineering and customer success teams and ingest additional proprietary data into its platform.
Zesty.ai enables property & casualty insurance carriers, reinsurers, managing general agents (MGAs) and insurtechs better assess risk through its AI-powered technology that leverages machine learning to model multi-peril catastrophic loss events such as hurricane, wildfire, flood etc. with "unprecedented accuracy", according to a company statement.
The company has also recently released its wildfire model that integrates high fidelity property level features about vegetation, building materials, neighbourhood characteristics, topography and weather patterns, among others.
"Artificial Intelligence will revolutionize the traditionally data-driven insurance industry and we are thrilled to be at the forefront of this massive change," said Attila Toth, CEO and co-founder of zesty.ai. "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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