"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."
Flyreel offers insurance-specific AI for commercial and residential property insurance carriers. By putting the power of AI in the hands of both customers and insurers, Flyreel automates inspections while improving risk management outcomes and claims experiences. Flyreel's proprietary computer vision and machine learning technology empowers carriers to make smarter, data-based underwriting and risk management decisions, and even proactively prevent losses. Flyreel is based in Denver, Colorado.
About Gradient Ventures
Gradient Ventures is Google's AI-focused venture fund - investing in and connecting early stage startups with Google's resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing AI-based products, allowing companies to take advantage of the latest techniques, so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California.
About State Auto Labs
State Auto Labs brings together investment and insurance expertise to grow innovations that are reinventing the insurance industry. In collaboration with Rev1 Ventures, State Auto Labs connects startups with capital, technologists and insurance industry experts. Their objective is to identify, become early adopters of and invest in transformative technologies and solutions. The $25 million State Auto Labs Fund invests in the most promising of these solutions across sensors and wearable technologies, machine learning and artificial intelligence, emerging insurance distribution channels, and technologies that improve the operational efficiencies of insurance carriers.