Property insurance underwriting platform Flyreel soars to $10m Series A close

Flyreel, an AI-powered residential and commercial property insurance service, has closed its Series A round on $10m.

IA Capital Group led the investment round, with additional support also coming from Guidewire Software, Gradient Ventures, State Auto Labs and Donan Engineering.

Equity from the round will be used to support the company’s growing list of customers and release new products and features.

Flyreel supplies property insurance providers with ground-level interior and exterior property data to improve their underwriting and claims processes. It achieves this by giving policyholders a property AI assistant that will guide them through an automated self-inspection of a property.

While their users scan their home with a smartphone camera, the computer vision technology automatically documents important details such as, property features, risks, hazards, materials and other important information for insurance.

The InsurTech now supports 15 major insurance providers.

IA Capital Group partner Matt Perlman said, “We’re excited about the opportunity to partner with Flyreel in building the leading AI property intelligence, data, and insights platform for the insurance industry and beyond.

“We believe the industry is ripe for a transition to remote, real-time, customer-directed underwriting and claims solutions. We view Flyreel as a new paradigm for understanding risk and engaging with the customer both pre- and post-policy.”

The InsurTech has raised a total of $18m in funding since it was founded. It previously raised $3.85m in a funding round last year from Gradient Ventures, State Auto Labs Fund and Donan.

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