Federato, a San Francisco-CA-based insurance industry's first "RiskOps" platform, which aligns portfolio strategy and underwriting action, announced that it raised $15 million in Series A funding.
The round was led by Emergence Capital, with participation from Caffeinated Capital and Pear. Other backers include Niranjan' Niji' Sabharwal, co-founder and CEO of AgentSync, and John Raguin, co-founder and former CEO of Guidewire. Federato's investors collectively have more than $50B in assets under management and over $500B in exits.
The funding will be used to accelerate Federato's growth in the North American Property & Casualty and Specialty insurance markets through continual improvements to its platform and the recruitment of top talent to grow its team.
Federato employs reinforcement learning-based artificial intelligence to deliver a dynamic, unified view of risk selection data, portfolio strategy, underwriting rules, and goals directly within the underwriting workflow.
As part of the raise, Lotti Siniscalco, Emergence Partner, will join the company's board.
"The reality today is insurers are investing a massive amount of money in data to confront emerging risks, but have very little to show for it," said Will Ross, Federato CEO and Cofounder. "Our focus is on putting insurers back in the driver's seat, helping them operationalize underutilized data investments to meet their strategic goals while enabling them to address the serious social issues facing the industry."
Federato will unveil new product capabilities at InsureTech Connect (ITC), the world's largest insurtech event, in Las Vegas, September 20-22.
Company: Federato Technologies, Inc.
Round: Series A
Funding Month: September 2022
Lead Investors: Emergence Capital
Additional Investors: Caffeinated Capital and Pear, Niranjan 'Niji' Sabharwal, and John Raguin
Company Website: https://www.federato.ai/
Software Category: RiskOps platform
About the Company: Federato's industry-first RiskOps platform for Property & Casualty and Specialty insurance aligns portfolio strategy with underwriting action. Designed by underwriters for underwriters, the solution drives better underwriting decisions, productivity, and results by operationalizing underutilized data investments to surface real-time risk and portfolio insights. Federato delivers a sleek, modern underwriting experience, combining a unified workflow with real-time risk data, empowering underwriting and operations teams to meet their strategic goals and grow their book of business.