Sixfold, a startup offering AI-powered risk analysis for underwriters, has completed a $15 million Series A funding round led by Salesforce Ventures.
Sixfold, a startup that provides underwriters with an AI-powered solution for comprehensive risk analysis, has just announced the successful completion of a $15 million Series A fundraising round.
Salesforce Ventures, in addition to Scale Venture Partners and previous backers Bessemer Venture Partners and Crystal Venture Partners, spearheaded this massive funding round.
With this funding, they will be able to hire more artificial intelligence and machine learning engineers, expand their product offerings, and speed up their R&D.
The UK and EU markets will be their next targets as the company looks to grow outside of North America with the support of this tranche. The firm’s long-term goals include expanding its global footprint and developing and perfecting its AI-driven underwriting solutions.
Over the past year, the popularity of Sixfold has grown across a wide range of insurance companies. These include AXIS Capital, Mosaic Insurance, Zurich Insurance Group, Generali Global Corporate & Commercial, and specialty and life insurers.
In addition to joining the Guidewire Insurtech Vanguard and forming relationships with organizations like EXL, the company has also expanded its reach.
Among their achievements, the selection for Lloyd’s Lab Accelerator stands out. This program encourages innovation in the insurance and reinsurance business on a global scale.
In order to help Sixfold break into new markets, the program provides chances to collaborate with Lloyd’s mentors.
Zurich Insurance Group hosts the annual Zurich Innovation Championship 2024, where Sixfold emerges as champion. As a result of this recognition, Sixfold will be able to take part in an accelerator program for novel commercial underwriting solutions that will last for four months.
According to Salesforce Ventures’ Laura Rowson, “Sixfold has the potential to revolutionize the insurance industry with its purpose-driven generative AI solution.” The venture capital firm invests extensively in vertical SaaS innovations. By reviewing and closing more business with the help of Sixfold’s AI, insurance carriers are able to enhance their profitability. Clearly, Sixfold provides value, as evidenced by its traction over the past year.
Every underwriter may have their very own virtual team of researchers and helpers to assess risk, thanks to generative AI and our patent-pending technology,” noted Sixfold CEO Alex Schmelkin.
We designed our AI to be the most efficient and user-friendly in business. Beyond being a tool for underwriters, what we have developed and are still improving upon is something much bigger. This is an all-inclusive solution for risk analysis from beginning to end.
Bessemer Venture Partners and Crystal Venture Partners contributed an unknown sum to Sixfold’s early capital, which accelerated its development and allowed it to enter the market quickly.