Federato, a San Francisco, CA-based RiskOps underwriting platform, has recently secured $25 million in Series B funding.
The round was led by Caffeinated Capital, with participation from Emergence Capital and Pear VC. This latest round of funding comes less than a year after the company's Series A announcement.
The new funds will accelerate Federato's growth and support its mission to bring efficient underwriting and data-driven portfolio management to P&C and specialty insurance.
Federato's RiskOps provides a real-time platform for both individual risk underwriting and portfolio optimization. Key to the platform's efficacy is the underlying federated data graph, which enables a single pane of glass view of client information and allows for AI to proactively recommend the next best actions to users, bridging the art and science of underwriting.
"Federato's foundation lies in deep research around how AI can work together with humans towards complex end goals," said William Steenbergen, CTO and Co-Founder of Federato, whose graduate work at Stanford's Human Computer Interaction Group centered around these algorithms. "Our customers are proving that while generative AI has created recent buzz, many other AI use cases are benefitting from the same underpinning innovations. In insurance, the impact of helping a group of underwriters work towards the coordinated end goal of a balanced, growing risk portfolio is crucial.We are excited to be several years ahead of the curve in applying a broad range of machine learning techniques to ensure AI makes an impact in this important industry."
Company: Federato Inc.
Raised: $25.0M
Round: Series B
Funding Month: June 2023
Lead Investors: Caffeinated Capital
Additional Investors: Emergence Capital and Pear VC
Company Website: https://www.federato.ai/
Software Category: RiskOps platform
About the Company: Founded in 2020, Federato is a RiskOps platform for P&C and Specialty insurance aligns portfolio strategy with underwriting action. Designed by underwriters for underwriters, Federato surfaces real-time risk and portfolio insights, enabling teams to triage business based on key criteria like appetite, underwriting guidelines, and winnability. The platform is being used today by a broad cross-section of the insurance industry from multi-billion-dollar insurance carriers to tech-savvy, high growth MGAs.
Source: https://www.prnewswire.com/news-releases/federato-raises-25m-in-series-b-funding-to-continue-catalyzing-insurances-ai-moment-301863623.html