Zesty.ai, an Oakland, CA-based Artificial Intelligence (AI) insurtech startup, closed US$13m Series A financing.
The round was led by Blamar with participation from Plug & Play Ventures and existing investors.
The company will use the capital to expand its data science, engineering and customer success teams and ingest additional proprietary data into its platform.
Led by Kumar Dhuvur, Head of Product, and Attila Toth, CEO, Zesty.ai leverages Artificial Intelligence to allow Property & Casualty insurance carriers, reinsurers, Managing General Agents and Insurtechs to model multi-peril catastrophic loss events (e.g., hurricane, wildfire, flood etc.) at the property level with accuracy.
The company has developed computer vision technology leveraging satellite and aerial imagery combined with structured data sources to capture billions of data points on buildings and their surroundings without setting foot on the premises. Zesty.ai’s model integrates property level features about vegetation, building materials, neighborhood characteristics, topography, weather patterns and more. It uses machine learning to combine these risk modifiers with actual loss data from the various wildfire events into a predictive risk score that impacts underwriting decisions and risk mitigation strategies.