Flyreel, an artificial intelligence InsurTech startup focused on property insurance, recently raised $3.85 million in new financing from State Auto and several other investors.
Gradient Ventures, Google’s AI-focused venture fund, led the round. The State Auto Labs Fund also participated, as did Donan, a national forensic investigation firm.
Proceeds from the financing will be used to service new and existing demand from Flyreel’s customers, new hiring and accelerated development of its patent-pending technology.
Flyreel equips property insurance carriers with an AI assistant that captures and analyzes ground-level data. The AI guides policyholders through their own property inspections using the camera on their mobile device and powerful, insurance-specific computer vision.
As users pan their mobile phone across a property’s interior and exterior, Flyreel’s proprietary computer vision technology automatically documents property data, features, contents and policy-worthy details. For carriers, this enables personalized self-inspections at scale, real-time data intelligence and comprehensive baseline records of properties to inform decisions across the value chain.
Flyreel is based in Colorado.