Company joins Lloyd's Labs 12th cohort of the award-winning and globally renowned Lloyd's Lab Accelerator program as Sixfold expands into EMEA; Through its purpose-built generative AI solution and partner integrations with EXL, Guidewire, and more, Sixfold boosts underwriting capacity by 10x
NEW YORK, June 5, 2024 /PRNewswire-PRWeb/ -- Sixfold, the company empowering underwriters with a generative AI solution for end-to-end risk analysis, today announced it has raised $15 million in Series A funding. Leveraging its patent-pending technology, Sixfold's round was led by Salesforce Ventures, with participation from Scale Venture Partners and all previous investors including
Bessemer Venture Partners and Crystal Venture Partners. Funds will be used to continue building out its exceptional team of AI/ML engineers, further enhancing product capabilities and accelerating R&D efforts. The round will also help Sixfold expand beyond North American markets to the UK and the European Union.
"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," said Laura Rowson of Salesforce Ventures. "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."
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. Sixfold has also expanded its partner ecosystem with several firms, including EXL, and has become a Guidewire Insurtech Vanguard.
The company was also selected for the prestigious Lloyd's Lab Accelerator program. Recently recognized in the Top 25 start-up hubs across Europe by the Financial Times and Statista, Lloyd's Lab's unique approach to fostering global innovation is helping to tackle some of the world's biggest challenges. The program provides the opportunity for the Sixfold team to collaborate with Lloyd's mentors to develop innovative solutions for the world's leading insurance and reinsurance marketplace, which will be invaluable as the company expands into the UK and beyond.
Adding to its international momentum, Sixfold has also been named a winner of the Zurich Innovation Championship 2024. This highly selective yearly program is sponsored by Zurich Insurance Group, which collaborates globally with startups to co-create new value propositions and deliver innovative services and products. Sixfold was one of only nine companies selected from more than 3,000 global applicants and will participate in a four-month accelerator to develop a new commercial underwriting solution.
Shaping the Future of Underwriting With Generative AI
In the insurance industry today, underwriters are inundated with a remarkably high volume of submissions. It is not uncommon to respond to as few as 10% as they are left frustrated by not knowing where to focus. Compounding the problem, approximately 50% of underwriters are burdened with manual tasks, and 66% have issues accessing the right data for quick and accurate risk assessments. Sixfold was developed to address these issues and more.
Sixfold works as the underwriting brain that enhances confidence in every decision. Leveraging its 10 proprietary AI models, Sixfold's superpower is to understand an insurer's unique risk appetite to provide tailored recommendations that fit with customers' underwriting guidelines.
"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," said Alex Schmelkin, Sixfold CEO. "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."
To learn more about why Sixfold is attracting the support of customers, partners, and investors, please visit www.sixfold.ai.
About Sixfold
Sixfold is the first generative AI solution purpose-built for insurance underwriting. The platform streamlines the underwriting process, enabling underwriters to focus on decision-making rather than manual tasks. As a result, Sixfold improves the accuracy and transparency of decisions while simultaneously increasing underwriting capacity.
About Salesforce Ventures
Salesforce Ventures is the global investment arm of Salesforce and is focused on partnering with the most ambitious enterprise technology companies at every stage in their journey. Since 2009, Salesforce Ventures has invested almost $5B in over 400 leading companies including Airtable, Databricks, DocuSign, Guild Education, Hopin, monday.com, nCino, Snowflake, Snyk, Stripe, Tanium, and Zoom. Salesforce Ventures provides portfolio companies with unparalleled access to Salesforce, one of the fastest-growing enterprise software companies in the world, including strategic advisory, customer introductions, and the strongest cloud ecosystem. Salesforce Ventures has invested in more than 25 countries with offices all over the world including in San Francisco, Irvine, New York, London, Tokyo, and Sydney. Follow @SalesforceVC and learn more at http://www.salesforce.com/ventures.
Media Contact
Amber Moore, Moore Communications, 1 5039439381, amber@moorecom2.com
SOURCE Sixfold
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