Insurtech Sixfold has raised $15 million in a Series A funding round led by Salesforce Ventures, in a move that is set to enable the company’s expansion to the UK and Europe.
The funding round also featured participation from Scale Venture Partners and all previous investors including Bessemer Venture Partners and Crystal Venture Partners.
In addition, the company also plans to use the funds to continue building out its team of AI/ML engineers, as well as further enhancing product capabilities and accelerating R&D efforts.
Laura Rowson of Salesforce Ventures, commented: “As a firm that invests heavily in vertical SaaS innovation, we see Sixfold as a company capable of transforming the insurance industry with a purpose-driven generative AI solution. With Sixfold’s AI, insurance carriers review and close more business, helping them to increase profitability. Sixfold’s traction over the past year demonstrates the value it clearly delivers.”
Led by it’s CEO, Alex Schmelkin, Sixfold provides a generative AI (GenAI) solution purpose-built for insurance underwriting.
Moreover, the platform streamlines the underwriting process, enabling underwriters to focus on decision-making.
Furthermore, Sixfold has also been selected for the Lloyd’s Lab Accelerator program.
This a very important opportunity for the firm, as the program will allow the Sixfold team to collaborate with Lloyd’s mentors to develop innovative solutions for the world’s oldest insurance and reinsurance marketplace.
In the 12 months since its inception, Sixfold’s customer base includes commercial P&C, Specialty, and Life insurers, such as AXIS Capital, Zurich Insurance Group, Generali Global Corporate & Commercial, and Mosaic Insurance.
As well as this, the company has also expanded its partner ecosystem with notable organisations, including EXL, and has become a Guidewire Insurtech Vanguard.
Alex Schmelkin, Sixfold CEO, said: “With generative AI, and our patent-pending technology, it’s possible for every underwriter to have their own virtual team of researchers and assistants to evaluate risk. Our AI is built to deliver the greatest efficiency and user experience in the industry. What we have created and continue to refine is more than just a tool for underwriters. It’s a comprehensive end-to-end risk analysis solution.”
