As it develops IoT solutions for shipping cargo, Denver-based Parsyl has closed a new round of funding and launched a new insuretech product.
The company announced that it has raised a $15 million Series A, led by GLP, a major investor in logistics and related technologies, and Ascot Group, a commercial insurer.
Parsyl’s hardware and software solution helps shippers understand, mitigate and insure risks to goods as they move through the supply chain, both in transit and storage.
Parsyl is an approved Lloyds of London Coverholder and is licensed to offer cargo insurance products in Alaska, California, Colorado, Louisiana, Maine, Massachusetts, Oregon, Texas, Virginia, Washington and the United Kingdom.
The company will use the funding to launch its insurance product suite in additional states in the coming months, advance industry specific product degradation algorithms and expand its team.
Parsyl has 27 employees, the company told Colorado Inno, and currently has three job openings posted here in Denver.
Prior to this round, Parsyl raised a $2.8 million seed round in June 2018 and was named one of Colorado Inno’s 19 Startups to Watch in 2019.
The company also announced a new product, ColdCover, a suite of connected cargo insurance products for perishable goods, powered by its IoT data platform.
All ColdCover policies include access to Parsyl’s detailed quality monitoring and risk management platform, which combines smart sensors and data analytics to automatically generate interactive shipment visualizations, aggregated performance insights and recommendations for avoiding issues with future shipments.
“This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s,” said Andrew Brooks, CEO of Ascot Group. “The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We’re thrilled to be backing this truly unique offering.”
