Back in 2015, Cole Winans, who had a history as a tech designer and developer in both Denver and California, created a concept in which you could use your phone to scan a room and be given a list of everything inside it.
The idea grabbed the attention of two angel investors in Denver, who advised Winans that the insurance industry would be enthusiastic about the technology. Based on their hunch, Winans flew out to a conference of insurance providers to pitch it. He left the conference with a pipeline of future customers.
"Angel investors in Denver saw what we made and said, 'Oh my gosh, you have no idea what you have,'" Winans recalled. "It's because of those in that community in Denver that we even went the direction we did and had the financial backing to do so."
Over the next seven years, his startup, Flyreel, grew to employ 45 people and partner with 30 insurance carriers. The company raised $18 million in venture capital, including investments from Microsoft and Google's AI venture fund.
Earlier this month, Winans reached a deal to sell Flyreel to LexisNexis Risk Solutions. Specifics of the deal were undisclosed, but Winans said it "created an awesome outcome" for all of Flyreel's investors and employees.
Flyreel uses automated artificial intelligence that allows homeowners to use their phones to perform their own home inspections. The AI identifies and documents a home's condition and contents. Winans said it results in homeowners obtaining more accurate coverage from their insurance providers.
"Essentially, when you get a new insurance policy or a renewal, instead of sending someone out and into your home, you can do it on your own time at your own convenience," Winans said. "You take your phone out, walk around with a camera on, and artificial intelligence does all the heavy lifting for you."
Flyreel and LexisNexis had been in communication long before a deal was made, Winans said. The technology Flyreel uses is new, and when LexisNexis saw it working and noticed Flyreel taking more of the market share, it stepped in, he said.
Winans and all of his employees will be retained by LexisNexis. Of his 45 employees, about half live in the Denver metro area. The acquisition will allow Flyreel to accelerate its growth, Winans believes.
"When someone comes to you with the right opportunity, you take it, and that's what this was," Winans said. "It's a great way for us to keep doing what we're doing and fulfill the vision."
Winans gives credit to the Denver startup scene for supporting and guiding him as he built Flyreel. He said he plans to remain involved by sponsoring a Denver insurtech meetup, participating in Denver Startup Week and advising other AI-focused startups.
"Denver is very much a pay-it-forward culture, and we intend to do that," he said.
