American insurtech start-up RiskGenius has concluded its Series B funding led Hudson Structured Capital Management (HSCM Bermuda).
The financial round also witnessed the participation from RiskGenius’ existing investors, as well as new investors, Hearst Ventures and FM Global.
RiskGenius, which uses natural language processing (NLP)-powered tools to support the insurers, expanded collaboration with insurance carriers including FM Global, Liberty Mutual and Everest Insurance.
The insurtech firm intends to use the proceeds to augment its software platform for commercial insurer and brokers.
Additionally, the company will invest in launching outbound marketing and sales to lure new clients.
RiskGenius said that its newest client, Liberty Mutual, will use its software for data collection and analytics across hundreds of commercial insurance policies.
RiskGenius CEO Chris Cheatham said: “We appreciate their referral to HSCM Bermuda, as well as their continued collaboration in testing and enhancing our software.
“FM Global also inquired about investment opportunities after testing our software. Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers.”
HSCM Bermuda vice president Andrew Sagon said: “We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients.
“We believe the company is uniquely positioned to drive standardisation of insurance policy language across the industry.”
Additionally, Sean Mollet has been named as the new chief technology officer by RiskGenius.
In his new role, Mollet will lead manage RiskGenius software and data science teams, whose size will get doubled by the end of 2019.