Relativity6, an AI platform for industry classification, has raised $5.25m in a seed funding round led by Fin Capital.
The round also saw participation from State Auto Labs Fund, Vectr Ventures, Cortado Ventures, Angel Ventures, and several strategic individuals in the insurance, financial services, and data space.
Relativity6 aims to streamline and simplify the underwriting process through its proprietary real-time API that retrieves information about a business to automatically detect its six digit NAICS code and verify its digital existence.
The company said the funding will be used to accelerate sales efforts within commercial insurance underwriting, drive expansion into new financial services markets, and fuel the development of additional critical business data points.
Alan Ringvald, CEO and co-founder, said, “Industry classification is essential for straight-through processing in commercial underwriting, risk monitoring, and overall customer segmentation. We’re on a mission to continue to improve our already industry leading API speed and accuracy.”
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