Hudson Structured leads Series B funding round for insurtech RiskGenius
Hudson Structured Capital Management (HSCM Bermuda) has led the Series B funding round of insurtech RiskGenius, which provides software-based natural language processing tools for improving the quality and accuracy of insurance policies.
In addition to the funding, RiskGenius has also expanded its partnerships with three major global insurance carriers, including Everest Insurance, FM Global and Liberty Mutual, while appointing Sean Mollet as its chief technology officer.
Its newest client, Liberty Mutual, will use its software to enable data collection and analytics across commercial insurance policies.
The Kansas-based company said its financing round originated from a customer referral, and included participation from existing investors as well as new investors, Hearst Ventures and FM Global.
RiskGenius will use the proceeds to improve its software platform for commercial insurance carriers and brokers, as well as supporting marketing and sales.
The insurtech previously completed a Series A round led by QBE Ventures, which is now exploring expansion opportunities in Europe.
Andrew Sagon, vice president of HSCM Bermuda, said: “We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients. We believe the company is uniquely positioned to drive standardization of insurance policy language across the industry.”
Chris Cheatham, RiskGenius CEO, said: “eIQ - the dedicated Everest Insurance innovation team, is among the most forwardthinking innovators in the industry. We appreciate their referral to HSCM Bermuda, as well as their continued collaboration in testing and enhancing our software.
“FM Global also inquired about investment opportunities after testing our software. Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers.”
Cheatham added: “As a software-based business, Sean’s role as chief technology officer is critical to our success. We are excited to welcome him to the RiskGenius team and expect that his prior experience in enterprise architecture and building world-beating hardware and software teams for multiple successful technology companies will play a crucial role in the continued growth and expansion of RiskGenius.”
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