Flyreel, a Denver, CO-based Artificial Intelligence (AI) solution for residential and commercial property insurance, closed a $10m Series A financing.
The round was led by IA Capital Group with participation from Guidewire Software (NYSE: GWRE), and existing investors including Google’s AI-focused venture fund, Gradient Ventures, as well as State Auto Labs and Donan Engineering.
The company intends to use the funds to continue to expand operations and its business reach while expanding its product line and platform features to deliver further integration and automation across the insurance value chain.
Led by Founder and CEO Cole Winans, Flyreel equips property insurance providers with comprehensive, ground-level interior and exterior property data to improve underwriting and claims outcomes across their book of business. The company does this by distributing its Property AI Assistant to policyholders to guide them through contact-free and fully-automated self-inspections at their convenience, through a mobile app experience. As policyholders scan their property with their smartphone camera, the proprietary computer vision technology automatically documents important details for them, like property features, risks, hazards, materials, and other key data to improve underwriting and claims processes.
The company now serves 15 major insurance providers.