Denver startup Flyreel, an AI solution for residential and commercial property insurance, announced Wednesday that it has closed a $10 million Series A financing round.
CEO and co-founder Cole Winans said the Covid-19 pandemic has forced property insurance providers to accelerate and enhance their digital strategies. He said Flyreel has stepped up to aid in that digital adoption.
“Flyreel has been in the very fortunate position of being able to equip our insurance customers with an industry-leading, contactless property inspection solution that speaks to policyholder sensitivities and concerns while also providing the insurance provider with the data and information they need to protect their customers. Our business has grown as a result,” he added.
The company now serves 15 major insurance providers and has raised $18 million to date to support customers using its proprietary AI assistant and computer vision technology. That technology aims to improve property underwriting, risk management and claims outcomes.
The Series A round was led by IA Capital Group and featured participation from insurance software provider Guidewire Software, and existing investors including Google’s AI-focused venture fund, Gradient Ventures, as well as State Auto Labs and Donan Engineering.
Flyreel allows policyholders to scan their properties with their smartphone cameras, as the company’s 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.
Winans said the company has experienced a growing demand for its product over the past year-and-a-half and brought on outside capital to fuel its growth.
“Flyreel’s customers are achieving fantastic results, and we’re eager to deliver more while advancing against our vision,” he said. “We viewed this financing, at this time, as an opportunity to satisfy both of these objectives.”
Flyreel will use the proceeds from the Series A to continue serving its customers while expanding its product line and platform features to deliver further integration and automation.
The company currently has 23 employees and expects to grow that number to about 50 by the end of 2021.
In August, Flyreel partnered with Jewelers Mutual Group to offer technology to supplement the underwriting process for commercial lines of business. With the partnership, Flyreel’s advanced AI assistant guided jewelers through virtual inspections using the camera on their smartphones.
