Roots Automation, a New York-based creator of digital coworkers for the insurance industry, announced that it closed $10 million in a Series A round of funding.
Mission OG led the round, supported by Liberty Mutual Strategic Ventures, Vestigo Ventures, and CRV.
The funding will enable Roots to increase its impact on insurance claims handling, expand its team and market coverage, prep the platform, and pursue a partnership.
“AI and machine learning are the keys to enabling effective automation,” said Chaz Perera, co-founder, and CEO of Roots Automation. “Our latest capital represents a major milestone in our mission to make work more human. It will fuel product development and market expansion so we can further support insurers that are dealing with increased margin pressure and declining operational efficiency. In 100% of the deals we win, the customer has considered or already purchased RPA and instead gone with a Digital Coworker, lessening their dependence on employees at a time when keeping their workforce happy and engaged is most critical”.
Roots Automation has established a new category in business process automation. The company’s Digital Coworker leverages AI and machine learning to improve insurance operations, empowering insurance carriers to improve margins and increase operational efficiency.
Company: Roots Automation, Inc.
Raised: $10.0M
Round: Series A
Funding Month: November 2022
Lead Investors: Mission OG
Additional Investors: Liberty Mutual Strategic Ventures, Vestigo Ventures, and CRV
Company Website: https://www.rootsautomation.com/
Software Category: Digital Coworkers
About the Company: Founded in 2018, Roots Automation is a digital coworkers-as-a-service company that provides end–to–end automation solutions for companies. It combines machine intelligence and human ingenuity to create intelligent digital coworkers, providing organizations with AI-powered, digitized employees that can think, read, and intuit like people. Digital coworkers are pre-trained to understand and interact with documents, systems, and processes commonly found in insurance, healthcare, and banking. Roots Automation’s Digital Coworker ingests and analyzes structured and unstructured data to work seamlessly with a company’s human workforce, addressing a $100+ billion market opportunity to improve insurance operations through automation and AI. Its digital coworker improves claims management efficiency, which represents a $67 billion market opportunity with P&C US carriers alone, and improves the average 8% premium leakage seen by the standard P&C insurer, or roughly $57 billion annually. Roots Automation is based in New York.
Source: https://www.rootsautomation.com/blogs-and-news/press-release-roots-automation-raises-10-million-series-a-round-to-accelerate-growth