Photo Credit: Flyreel
Denver-based Flyreel is a rapidly growing insurance technology company. And what makes Flyreel unique is that it uses artificial intelligence to automate property inspections.
Recently, Flyreel announced it raised $3.85 million led by Gradient Ventures — which is Google’s AI focused venture fund. State Auto Labs Fund (the venture arm of State Auto Insurance Companies) and Donan (leading forensic investigation firm) also participated in this round.
With this funding round, Flyreel will be servicing new and existing demand from its fast-growing list of customers and expand its team. Plus the company is going to accelerate the development of its patent-pending technology.
“Our AI has demonstrated an ability to positively impact carrier outcomes and customer experiences,” said Flyreel founder and CEO Cole Winans. “This round of financing from established AI and industry experts plays a key role in supporting the delivery of our technology to new and existing customers. We’re just beginning to scratch the surface of AI’s potential in insurance, with so much more to come.”
Flyreel equips property insurance carriers with an AI assistant that captures and analyzes ground-level data. And the AI guides policyholders through their own property inspections by using the camera on the mobile device combined with insurance-specific computer vision.
“Since announcing our availability in the market, the opportunity has become clear. Carriers want to deliver better experiences to their customers, policyholders expect better experiences from their carriers, and Flyreel enables both,” added Flyreel COO and co-founder Laurie Kuhn.
As users pan their mobile devices across a property’s interior and exterior, Flyreel’s proprietary computer vision technology automatically documents property data, features, contents, and policy-related details.
“Flyreel’s unique technology and artificial intelligence capabilities allow carriers to increase the scale of our property inspections, while at the same time, creating an improved user experience by reinventing the traditional inspection process,” State Auto Insurance Companies president and CEO Michael LaRocco commented.
