FurtherAI raised $25 million in a Series A funding round to expand the capabilities and the adoption of its artificial intelligence workspace purpose-built for the insurance industry.
The company will use the new funding to expand its library of insurance-specific workflows, deepen its integration with the systems of brokers and carriers, and scale its go-to-market teams, it said in a Tuesday (Oct. 7) press release.
This round came six months after FurtherAI’s seed round, in which it raised $5 million, and it brings the company’s total funding to $30 million, according to the release.
“Insurance is the backbone of the economy, but the people running it have been stuck with outdated tools,” FurtherAI Co-founder and CEO Aman Gour said in the release. “With this funding, we’re doubling down on building AI workflows that give underwriters, brokers and claims teams superpowers — freeing them to focus on the work that truly matters.”
FurtherAI’s platform automates submission intake, policy comparison, claims processing and compliance workflows, according to the release.
By doing so, it eliminates the challenges insurance professionals currently face with PDFs, Excel spreadsheets, manual reviews and disconnected systems, the release said.
The platform has already processed billions in premiums, per the release.
Joe Schmidt, partner at Andreessen Horowitz, which led the company’s latest funding round, said in the release that FurtherAI is “redefining how insurance gets done.”
“Aman and [Sashank Gondala, co-founder and chief technology officer at FurtherAI] are technical founders whose customers see them as true AI partners, not just AI tools,” Schmidt said. “Their early traction signals a generational opportunity to transform insurance.”
In another recent development in this space, Klear.ai, a policy, claims, risk and analytics platform, teamed up with Carepay, a payment automation provider, to streamline insurance claims disbursements.
The companies said the combination of Carepay’s insurance industry-focused digital disbursement technology and Klear.ai’s claims solution would let organizations issue payments via ACH/EFT, virtual card or check without switching systems.
In April, InsurTech startup 1Fort raised $7.5 million in a funding round to enhance the artificial intelligence capabilities of its platform for business insurance.
The firm said its platform is designed to empower insurance brokers by automating processes that are traditionally manual and time-consuming.
Source: https://www.pymnts.com/