IAG-backed AI insurtech Arturo secures $8m for expansion in US and Asia
Arturo, the artificial intelligence-powered analytics provider of residential and commercial property, has secured $8 million in Series A funding led by Crosslink Capital, an early-stage venture capital firm based in San Francisco.
The start-up said the funding included a "generous contribution" from IAG Firemark Ventures, the venture capital fund for IAG, Australia’s largest general insurer.
The company provides structured data observations and predictions for commercial and residential properties using satellite, aerial, drone and ground-level imagery.
It will leverage proceeds from the Series A to expand its business in both North America and the Asia Pacific. Around the world, residential and commercial property and casualty markets are in need of artificial intelligence and predictive analysis to provide insurance carriers with detailed property information.
David Silverman, managing partner from Crosslink Capital, has been appointed to the board of directors. Scott Gunther from IAG Firemark Ventures will be joining the board as an observer.
“We are extremely pleased to work with Crosslink Capital and IAG Firemark Ventures at this pivotal time,” said John-Isaac Clark, CEO of Arturo. “Delivering accurate property information is at the core of what we do, every day. By combining property images with our artificial intelligence, we can analyze and evaluate property risk at the pricing, underwriting, and renewal stages of the policy lifecycle, as well as identify which properties should be helped first and where to direct resources during natural disasters.”
Silverman said: “Crosslink Capital has been looking for an opportunity like Arturo for years. We found that Arturo hit all the buttons for our investment thesis. We were highly impressed with the leadership team and their command of the insurance industry’s needs. They have a software and data business model that is incredibly scalable, high margin and extensible.”
Gunther commented: “Arturo has demonstrated leadership in combining aerial imagery with data and AI to create a new way to assess risk and provide insurance. Together, IAG and Arturo will explore how technology can help create better experiences for our customers from quote right through to claim. We are pleased to be the first company outside the US to invest in Arturo.”
