(Image source: Tensorflight homepage.)
Tensorflight (New York), a global artificial intelligence and imaging-based InsurTech providing automated property inspection, has announced a funding round that it plans to use for accelerating market penetration and product optimization. This year so far, Tensorflight has processed more than 600,000 properties and expects to reach 1 million by the end of the year. The investment was led by QBE Ventures (Sydney) and includes new investors Tareyton Venture Partners (Durham, N.C.) and ff Venture Capital Poland (Warsaw). Participating prior investors include ff Venture Capital (New York) and HSCM Bermuda (Hamilton). Tensorflight declined to share the amount of the Series A round.
Tensorflight describes its offering as combining superior satellite, aerial and street level imagery-understanding technology, with a proprietary artificial intelligence engine to automate commercial property inspections. The benefits it delivers to insurers include the following, according to a Tensorflight statement:
- Reduction of premium leakage
- Instant, automated insurance policy quotes
- Reduction of in-person property inspection costs
- Order of magnitude increase of claim teams efficiency
Founded by ex-Google executives Zbigniew Wojna, PhD and Robert Kozikowski, Tensorflight’s team includes technical expertise from prominent technology firms such as Google, Facebook, Nvidia and DeepMind.
“We could not be more excited to welcome QBE Ventures and others to our already strong investor base,” comments Wojna. “Their combined strategic insight and industry experience will be an invaluable asset going forward. Their confidence in our value proposition and global growth strategy to date is an important moment in Tensorflight’s growth trajectory.”
Massive Opportunity to Scale-up
“The vision for our business is to use accurate data to become the leader in the management of property intelligence,” adds Wojna. “The value we deliver to customers across the property and casualty insurance industry is enormous and will continue to increase as new features are rolled out and our global footprint expands. We plan to significantly grow sales efforts across the U.S.A. and globally. From our current base of multiple S&P 500 clients, including a number of top global commercial insurers such as Zurich Insurance, there is a massive opportunity to scale up in the next two years.”
“Construction type and associated property information has a crucial impact on our portfolios, we’re excited about the opportunities we’ve uncovered by working with Tensorflight,” comments Mark Budd, Head of Innovation, U.K., Zurich Insurance Group.
“We see Tensorflight’s technology as a key enabler for data-informed, intelligent commercial insurance,” says James Orchard, CEO, QBE Ventures. “Providing a better way to understand a property, they solve real problems for customers and the insurance industry as a whole. We look forward to working alongside the founders and helping the company expand.”