AI-driven technology and data analytics company Archipelago has raised $34 million in a Series B funding round led by Scale Venture Partners, with strong follow-ons from earlier investors: Canaan Partners, Ignition Partners, and Zigg Capital.
Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round, which will help Archipelago to further build out new product capabilities and scale its team.
Over 330,000 commercial properties with total insured values of $2.3 trillion are currently on Archipelago’s platform, which publicly launched in August 2020.
The platform uses machine learning and data verification to digitize property risk data from a range of unstructured source documents, schematics, and images.
“For years, we had been looking for a better way to connect and utilize all of our rich property and risk data, and Archipelago’s domain expertise, as well as their execution, really stood out,” said Jeff Bray, Senior Vice President, Head of Global Risk Management for Prologis.
Alongside the completion of its funding round, Archipelago also announced the expanded commercial availability of its platform to insurance brokers and insurers.
“Large owners of commercial property continue to experience rising premiums, and risk volatility is increasingly driven by climate change and other factors,” said Hemant Shah, CEO and co-founder of Archipelago.
“By delivering AI at scale to digitize risk, we can enable more efficient insurance markets, and catalyze more resilient commercial properties, worldwide.”
