Insurance AI Firm RiskGenius Reports Additional Financing

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RiskGenius, which provides natural language tools for improving the quality and accuracy of insurance policies, has completed a Series B financing led by Hudson Structured Capital Management.

The company said it has also expanded partnerships with insurance carriers Everest Insurance, FM Global and Liberty Mutual.

HSCM specializes in investing in the (re)insurance sectors and transportation on a global basis. The financing round also included participation from RiskGenius’ existing investors, as well as new investors, Hearst Ventures and FM Global.

“Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers,” said Chris Cheatham, CEO of RiskGenius.

According to Crunchbase, this series B round, which opened in Nov. 2017 and closed this past May, raised $60 million. The startup raised $2.95 million in 2017 in a round led by QBE Ventures, and $2.78 million in 2016, according to Starland News. QBE Ventures is the investment arm of QBE Insurance Group.

Risk Genius said it will use proceeds from the round to continue improving its software platform for commercial insurance carriers and brokers while initiating outbound marketing and sales to introduce new clients to its services. RiskGenius’ newest client, Liberty Mutual, will be initially utilizing the company’s software to enable data collection and analytics across hundreds of commercial insurance policies.

RiskGenius also announced the appointment of Sean Mollet as chief technology officer. Most recently, Mollet served as head of software at APR, an automotive performance company, which was acquired by Driven Performance Brands in 2017. Mollet will lead the RiskGenius software and data science teams, which are expected to double in size by the end of the year.