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About Federato
Industries
Fintech
AI & Machine Learning
Financial Services
Company Size
51-200
Company Stage
Series C
Total Funding
$77.8M
Headquarters
Palo Alto, California
Founded
2020
Overview
Federato.ai operates in the insurance industry, focusing on improving the underwriting process through its platform called RiskOps. This platform utilizes artificial intelligence to help underwriters make more accurate and efficient decisions, enhancing the performance of insurance companies. By serving clients in the surety space, Federato.ai enables these companies to provide faster and smarter services to their clients and agents, facilitating business growth without incurring high startup costs. The company charges insurance firms for access to RiskOps, which ultimately saves them money by streamlining their underwriting processes. What sets Federato.ai apart from competitors is its commitment to integrating AI into an industry that has been slow to embrace new technologies, allowing underwriters to concentrate on creative and strategic aspects of their roles. The goal of Federato.ai is to transform insurance technology delivery, helping companies stay competitive in the market.
Simplify's Take
What believers are saying
- Federato raised $40 million in Series C funding for global expansion.
- Collaboration with Google Cloud streamlines adoption via 'click-to-deploy' enhancements.
- Appointment of Seth Egliht as CRO is expected to boost growth in P&C insurance.
What critics are saying
- Increased competition from AI-driven insurtech startups may erode market share.
- Rapid AI advancements could outpace Federato's feature integration capabilities.
- Over-reliance on Google Cloud's AI could pose risks if service changes occur.
What makes Federato unique
- Federato's RiskOps platform offers a 90% faster quote time for insurers.
- Integration with Google Cloud enhances Federato's AI underwriting solutions.
- Federato focuses on AI-driven solutions for complex insurance challenges like climate change.
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Funding
Total Funding
$77.8M
Below
Industry Average
Funded Over
3 Rounds
Industry standards
Growth & Insights and Company News
6 month growth
↓ -4%1 year growth
↓ -12%2 year growth
↓ -9%US-based insurtech start-up Federato, which offers an AI-powered RiskOps platform, has secured $40m in its Series C funding round, led by StepStone Group.
AI-powered underwriting platform Federato has raised $40mn in a Series C funding round led by global private markets investor StepStone Group, with participation from existing Federato investors including Emergence Capital, Caffeinated Capital and Pear VC.
Federato has raised $80 million, including a $40 million Series C round led by StepStone Group, to expand its AI underwriting platform globally. The platform, RiskOps, enhances underwriting efficiency, offering a 90% faster quote time and significant improvements in business operations. Existing investors Emergence Capital, Caffeinated Capital, and Pear VC also participated. Federato aims to help insurers tackle challenges like climate change and cyber crime with AI-driven solutions.
/PRNewswire/ -- Federato, the AI-native underwriting platform for insurance, announced today that it has raised a total of $80 million, including its latest...
SAN FRANCISCO, June 18, 2024 /PRNewswire/ -- Federato, the insurance industry's first RiskOps underwriting platform, today announced the appointment of Lisa Khoury as Vice President of Marketing and Joshua Dunmire as Head of Industry Enablement.A veteran B2B SaaS marketing leader, Khoury has helped multiple industry-defining software companies scale and deliver for customers. Khoury brings to Federato experience leading marketing functions at Compass (Real Estate), Attentive (Mobile Advertising), and Boost (Embedded Insurance).Dunmire joins Federato from the insurance industry, after multiple underwriting leadership roles at cutting edge insurers and years on the frontlines as an underwriter himself. As Chief Underwriting Officer at Insurate, Dunmire drove transformation of Workers Compensation insurance by leveraging untapped industry data with proprietary modeling."Lisa and Josh couldn't be joining us at a better time," said Will Ross, CEO and Co-Founder of Federato. "Federato's customers are seeing unprecedented success getting their underwriters to win the right deals faster. We couldn't be more excited to have an ex-customer in Josh to help us scale the best practices we bring to our partners. And Lisa's history of category creation provides the perfect set of skills to continue to tell these stories as we develop the RiskOps category alongside our carrier, MGA, and mutual customers.""The thing that excites me the most about Federato is the opportunity to help bring cutting-edge technology to an industry that underpins much of the economy," said Khoury
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About Federato
Industries
Fintech
AI & Machine Learning
Financial Services
Company Size
51-200
Company Stage
Series C
Total Funding
$77.8M
Headquarters
Palo Alto, California
Founded
2020
There are no jobs for Federato right now.
Find jobs on Simplify and start your career today