Gradient Ventures Leads $3.85 Million Investment in Insurtech Flyreel
Flyreel, the most advanced Artificial Intelligence (AI) solution for property insurance, announced that it has raised $3.85M 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 leading nationwide forensic investigation firm.
“Since announcing our availability in the market, the opportunity has become clear. Carriers want to deliver better experiences to their customers, policyholders expect better experiences from their carriers, and Flyreel enables both,” says Laurie Kuhn, Co-Founder and COO of Flyreel.
Proceeds from the financing will be used to service new and existing demand from Flyreel’s fast-growing list of customers while expanding Flyreel’s team and accelerating the development of their patent-pending technology.
“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.”
Flyreel equips property insurance carriers with an AI assistant that captures and analyzes ground-level data. The AI guides policyholders through their own property inspections using the camera on their mobile device and powerful, insurance-specific computer vision.
“Flyreel’s unique technology and artificial intelligence capabilities allow carriers to increase the scale of our property inspections, while at the same time, creating an improved user experience by reinventing the traditional inspection process,” said Mike LaRocco, President and CEO, State Auto Insurance Companies.
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.”