Denver-based AI insurance startup Flyreel announced today that it has raised $3.85 million in funding led by Gradient Ventures, Google’s AI-focused venture fund.
The round was followed by investors State Auto Labs Fund, the corporate venture and innovation arm of State Auto Insurance Companies, and Donan, a forensic investigation firm.
Flyreel is an AI solution for residential and commercial property insurance, allowing users to perform home inspections using a cell phone camera.
As users pan their mobile phone across a property's interior and exterior, Flyreel's proprietary computer vision technology automatically documents property data, features, contents, and policy-worthy details. For carriers, this enables personalized self-inspections at scale, real-time data intelligence, and comprehensive baseline records of properties to inform decisions across the value chain.
“Our AI has demonstrated an ability to positively impact carrier outcomes and customer experiences,” said Flyreel’s Founder and CEO, Cole Winans. “This round of financing from established AI and industry experts plays a key role in supporting the delivery of our technology to new and existing customers. We’re just beginning to scratch the surface of AI’s potential in insurance, with so much more to come.”
Winans said the round will enable Flyreel to further build out its platform and expand its Denver-based team.
The 8-person company hopes to nearly double its staff, reaching 15 employees in the near future. Due to its growth, Flyreel has expanded its office space at Enterprise in RiNo.
On the back of the funding, Winans said Flyreel will continue to build out its AI and computer vision platform, improving the experience for the company’s growing customer base.
“Right now, we’re continuing to improve the accuracy of our computer vision tech, as well as the data we provide our carriers, so they can make more informed decision,” he said.
Gradient Ventures invests in and connects early stage startups with Google’s resources, innovation and technical leadership in AI.
“The potential for artificial intelligence to improve the experience and economics of insurance is immense,” said Zach Bratun-Glennon, Partner at Gradient Ventures. “Flyreel’s application of computer vision and broader machine learning is improving the customer experience while simultaneously providing insurers with data and intelligence they previously could never access.”
This announcement comes after Flyreel finalized two major partnerships in 2018 that assisted in the launch and capabilities of its platform.
In February of 2018, Flyreel announced a partnership with Microsoft that allowed the startup to accelerate its go-to-market strategy and brought increased exposure.
The company announced another strategic partnership with Donan later that year in September, giving Flyreel access to swaths of data that in turn will help predict when major appliances will fail.
“We view AI as a key enabler to improve the experience for both sides of the insurance equation,” Winans said.
