Google's AI venture fund leads $3.85m investment in insurtech start-up Flyreel

US-based insurtech start-up Flyreel, a provider of artificial intelligence-powered underwriting solution for commercial and residential insurers, has secured $3.85 million in funding led by Gradient Ventures, Google’s AI-focused venture fund.

The round was followed by investors State Auto Labs Fund, the corporate venture and innovation arm of State Auto Insurance Companies, and Donan, a forensic investigation firm.

Flyreel said the funds will be used to service new and existing demand from its customers while expanding its team and accelerating the development of their patent-pending technology.

“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," said Flyreel’s founder and CEO Cole Winans. "We’re just beginning to scratch the surface of AI’s potential in insurance, with so much more to come.”

Co-founder and COO Laurie Kuhn added: “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."

Zach Bratun-Glennon, partner at Gradient Ventures, commented: “The potential for artificial intelligence to improve the experience and economics of insurance is immense. 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.”

Mike LaRocco, president and CEO of State Auto Insurance Companies, said: "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."

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