InsurTech DataCubes raised its first funding round of $2.5 million just under two years ago and continues on a growth trajectory today. (Hint: more fundraising is planned in the near future.)
The Illinois-based company’s data science platform is designed to help carriers accurately quote commercial insurance policies by asking customers a few simple questions. It uses machine learning, artificial intelligence and data science to automate underwriting and eliminate paperwork.
It’s growth has been all about partnerships. The company announced recently that it has partnered with The Hanover to help the insurer improve the accuracy and speed of its underwriting process. It has many more partnerships under its belt, however, and more to come.
Below, Phil Alampi, vice president of Customer Engagement at DataCubes, responded to some questions from Carrier Management Editor Mark Hollmer about the company’s current status and future plans.
Q: How many people work for DataCubes?
Alampi: About 40 today. Will have 70 people by end of the year.
Q: How much venture financing have you raised to date and from whom?
Alampi: Series A funding round of $2.5 million, led by Seyen Capital and MK Capital.
Q: When did you launch?
Alampi: [We were] founded in 2016.
Q: Other than the Hanover, how many partnerships has DataCubes formed, and with which carriers?
Alampi: We have publicly announced partnerships with the following: The Hanover, Columbia Insurance Group, Selective Insurance, RLI, Tangram, WCF Insurance, and Synergy. We have nearly 30 production partners with carriers in total.
Q: How many partnerships does DataCubes hope to have, in total, by the end of 2019?
Alampi: We forecast to have about 50 carrier partners in total by end of 2019.
Q: Does DataCubes plan to raise more financing? If so, when and how much?
Alampi: Yes, we are planning to raise a Series B round later this year.