Verikai, a San Francisco, CA-based insurance technology company, raised $6m in Series A funding.
The round was led by ManchesterStory with participation from ValueStream Ventures and Plug N Play.
The company will use the funding to build out their corporate structure, focusing on expanding their sales and marketing resources.
Founded in 2018 by Hari Sundram, CEO, Verikai is an insurance technology company leveraging alternative data and machine learning to evaluate risk. Its database includes more than 4,000 behavioral attributes on 260 million people in the U.S. trained and calibrated through a proprietary machine informed modeling on over 25 million unique individual claimants in both P&C and A&H product lines. This provides deep insight into these individuals’ true underwriting risks, represented in pools large enough to affect profitability against existing actuarial rates. With this data, the company enables insurance companies to improve underwriting precision, speed and efficiency – and provide consumers and small businesses with access to a broader range of insurance products at prices aligned to their true risk of claiming.
The Series A round follows a seed investment round in early 2018. Seed investors included Aioi Nissay Dowa Insurance Company Limited and National General Insurance.