Sixfold, a company empowering underwriters with a generative AI solution for end-to-end risk analysis, announced it has raised $15 millionin Series A funding. This funding round was led by Salesforce Ventures, with participation from Scale Venture Partners and all previous investors including Bessemer Venture Partners and Crystal Venture Partners. The funds will be used to continue building out its exceptional team of AI/ML engineers, enhancing product capabilities and accelerating R&D efforts. This round will also help Sixfold expand beyond North American markets to the UK and the European Union.
Over the last year, Sixfold’s customer base has expanded to include commercial P&C, specialty, and life insurers like 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 picked for the Lloyd’s Lab Accelerator program. This 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. And 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.
Sixfold works as the underwriting source that enhances confidence in every decision. Utilizing 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.
KEY QUOTES:
“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. 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.”
- Alex Schmelkin, Sixfold CEO
“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. 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.”
- Laura Rowson of Salesforce Ventures
