Now Insurance, a Houston, TX-based AI-enabled insurance platform designed to match small business owners and professionals with coverage plans, secured an additional $1.25m in seed funding.
The round was led by The MFO Group with participation from 8th Light—lead developers of the platform—and Philip Cabaud, the company’s co-founder and CEO.
The company, which has raised $2.5m to date, intends to use the funds to further invest in its machine learning algorithms, expand its software engineering team, and continue to develop its products and service offerings for small businesses and professionals.
Now Insurance provides small business owners, health care practitioners and other professional classes with a purchasing experience for general liability, professional liability, and cybersecurity insurance coverage, with plans to expand into other coverage areas. The full-stack commercial insurance platform leverages AI and risk selection to customize a user’s coverage to their exact needs and coverage requirements.
Now Insurance is backed by Lloyd’s of London.