Delos Insurance Solutions—a company that uses wildfire science and satellite imagery expertise to solve homeowners’ wildfire insurance availability issues—announced it has raised $9 million in Series A funding. The funding round was led by HSBC Asset Management and included IA Capital Group, Blue Bear Capital, Generation Space, and several angel investors.
Delos offers insurance solutions to homeowners in wildfire-stressed areas and currently writes $40 billion in total insurance value. And its proprietary technology pinpoints properties that do not have a high risk of loss. Plus, traditional insurance carriers continue to abandon or increase rates for homeowners living in areas potentially exposed to wildfire.
Wildfires continue to challenge many parts of the country. And Delos is committed to applying its technology and expertise to broaden access to insurance in a way that people can afford. This funding will help support this objective.
The investment partners focus on financial sector solutions, insurance, climate change, and space, highlighting the expertise required to provide real, sustainable solutions to the impacts of climate change on our society.
KEY QUOTES:
“We are enjoying working with a great, supportive group of investment partners as we embark on the next phase of the Delos journey. We are looking to provide insurance outside California and develop new products to help people obtain the affordable insurance they deserve. We scaled back our funding requirements for this round despite being oversubscribed. This is due to our better-than-planned growth, market-leading loss ratios, and the positive response from California homeowners.”
– Kevin Stein, CEO Delos Insurance Solutions
“We are excited to support Delos by leading their latest funding round. Its proprietary wildfire forecasting, driven by AI, is improving access to property insurance coverage in California, a market that’s under stress from growing climate catastrophes. We look forward to working with the team as they expand across the US.”
– Mike D’Aurizio, Investment Director, Climate Growth Partners, HSBC Asset Management
“Kevin and Shanna are exceptional founders who have assembled a fantastic team to tackle an immense challenge in enabling property insurance in wildfire-exposed areas. Having led the previous two funding rounds, we have seen them overcome every obstacle along the way to gain unparalleled success and credibility with homeowners, distributors, carriers, and capital markets. They have proved their cutting-edge risk selection and pricing capabilities and are poised to continue to provide solutions to dislocated insurance markets in California and beyond.”
– Matt Perlman, Partner IA Capital Group
“Since partnering with Delos in 2019, we’ve been captivated by their innovative tech-driven approach to tackling the persistent wildfire crisis. Their integration of data and machine learning is revolutionizing the insurance landscape, allowing them to swiftly create and sell policies. Delos is on the fast track to becoming a profitable leader, empowering people to live safely in their desired locations.”
– Vaughn Blake, Partner Blue Bear Capital
“We are thrilled to continue supporting Delos through this next stage. The business has demonstrated the efficacy of its models with a significant portfolio and is now poised for substantial, scalable growth. With this team, technology, and product, they are well-positioned to expand their geographic footprint and product offerings, bringing wildfire insurance solutions to the masses.”
– Lewis Jones, Vice President of Investment, Generation Space
