Gradient Ventures Leads $3.85M Investment in Insurtech Flyreel
Funds will scale Flyreel's AI-powered technology to improve the experience and economics of property insuranceDENVER, April 11, 2019 — (PRNewswire) — Flyreel, the most advanced Artificial Intelligence (AI) solution for property insurance, announced today that it has raised $3.85M in funding led by Gradient Ventures, Google's AI-focused venture fund. The round was followed by investors State Auto Labs Fund, the corporate venture and innovation arm of State Auto Insurance Companies, and Donan, a leading nationwide forensic investigation firm.
"Since announcing our availability in the market, the opportunity has become clear. Carriers want to deliver better experiences to their customers, policyholders expect better experiences from their carriers, and Flyreel enables both," says Laurie Kuhn, Co-Founder and COO of Flyreel.
Proceeds from the financing will be used to service new and existing demand from Flyreel's fast-growing list of customers while expanding Flyreel's team and accelerating the development of their patent-pending technology.
"The potential for artificial intelligence to improve the experience and economics of insurance is immense," said Zach Bratun-Glennon, Partner at Gradient Ventures. "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."