InsurTech Archipelago scoops up $34m in new funding

San Francisco-based AI-driven technology and data analytics company focused on commercial property risks Archipelago raised $34m in Series B funding.

The round was led by Scale Venture Partners, with participation from earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital and Prologis Ventures also participated in the round.

The company intends to use the funds to further build new product capabilities and scale the team in its engineering, data science and customer-facing departments. Plans are also underway to globalise and expand the focus beyond property owners and insurers in North America.

Launched in August 2020 by Hemant Shah, Archipelago’s platform helps commercial property owners and managers like Prologis, JLL, Alexandria to use AI and data to manage their risks and improve their insurance outcomes. The platform uses machine learning and data verification to digitise and enrich property risk data from a wide range of unstructured source documents, schematics and images.

Over 330,000 commercial properties with total insured values of $2.3tn are currently on Archipelago, it said.

Commenting on the funding, Shah said, “Large owners of commercial property continue to experience rising premiums, and risk volatility is increasingly driven by climate change and other factors. By delivering AI at scale to digitize risk, we can enable more efficient insurance markets, and catalyze more resilient commercial properties, worldwide.”

Sharing the same sentiment, Prologis senior vice president, head of global risk Jeff Bray added, “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.”

In addition to the funding round, Archipelago expanded the commercial availability of its platform to insurance brokers and insurers.

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