Axle – a leading universal API for insurance data – announced it raised $4 million in seed funding led by Gradient Ventures – which is Google’s AI-focused venture fund. This funding round also included continued investment from Y Combinator and participation from Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, and industry angels including members of the founding team of Plaid and former executives from Cox Automotive.
Over $13 billion is lost every year from uninsured motorists and mortgages and auto loans are prohibitively expensive for many borrowers due to many third parties missing access to real-time insurance data, leaving no way of accurately assessing risk at scale. And Axle bridges the gap between insurance and parallel industries, whereas most insurtechs solve for distribution or administration.
KEY QUOTES:
“Insurance loss frequently tops the P&L for high-risk organizations like rental car companies, lenders, and gig services, yet today they rely on paper and lengthy phone calls to verify information. Axle automates this process through a universal API for insurance data, enabling our customers to make decisions in seconds.”
– Armaan Sikand, COO and Co-Founder of Axle
“Axle’s innovative approach to insurance and commitment to a personalized customer experience has demonstrated early traction and validates their potential to make a significant impact in the market. We look forward to supporting the team and their mission to democratize access to insurance data.”
– Wen-wen Lam, Partner at Gradient Ventures
“Building a robust and accurate platform around unstructured data has its unique challenges, but we’re excited to leverage the latest tools to offer leading accuracy and reliability.”
– Nihar Parikh, Co-Founder and CTO of Axle
“Fundraising in this environment is a competitive process. We were fortunate to find investors with deep technical and market expertise. We’re excited to work with them to service demand from our fast-growing list of customers, strengthen our carrier network, and expand into new markets.”
– Cameron Duncan, Co-Founder and CEO of Axle
