Windward, a risk analytics platform for the marine insurance industry, has collected $16.5m in its Series C funding round.
The investment was led by InsurTech fund XL Innovate, and also received commitments from existing backers such as Horizons Ventures and Aleph. Some individual investors also took part in the round including Salesforce chairman & CEO Marc Benioff.
Following this new capital, the company’s total funding efforts have reached $38.9m.
Founded in 2010, the Tel Aviv-headquartered company provides maritime risk and analytics to help insurers operating in the marine industry select the best risk.
The technology continuously monitors and analyses ships, including navigation, where and when they operate, how they fair in rough weather and manoeuvres in ports. Through this, the machine learning algorithms predict how likely a ship is to have an accident over the next year.
Insurers can use the data platform to identify the segments with the highest risk, how to minimise risk, uncover new opportunities, improve pricing accuracy, and analyse claims.
With this line of equity, the company hopes to boost development and rollout a new line of products. Windward is also looking to hire more talent and expand its London office.
XL Innovate managing partner Tom Hutton said, “Today, Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally – and now expanding into insurance.”
As part of the transaction, XL Innovate managing partner Tom Hutton will become a board director at Windward.
Last month, property data provider for insurers Cape Analytics received $17m in a funding round led by XL Innovate. The company raised the funds to support the growth of its sales efforts, and potentially support a move to new geographies.
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