Insurtech Tensorflight secures Series A funding
Tensorflight, an artificial intelligence and imaging-based insurtech, has announced a Series A funding round to accelerate market penetration and product optimisation across the multi-billion-dollar property insurance data analytics market.
The investment was led by QBE Ventures and includes new investors Tareyton Venture Partners and ff Venture Capital Poland. Participating prior investors include ff Venture Capital and HSCM Bermuda.
Tensorflight combines superior satellite, aerial and street level imagery understanding technology, with a proprietary Artificial Intelligence engine to automate commercial property inspections. The benefits it delivers across the global insurance industry include:
• Reduction of premium leakage
• Instant, automated insurance policy quotes
• Reduction of in-person property inspection costs
• Order of magnitude increase of claim teams efficiency
Founded by ex-Googlers Zbigniew Wojna, PhD and Robert Kozikowski, Tensorflight’s team includes technical expertise from tech leaders such as Google, Facebook, Nvidia and DeepMind.
“We could not be more excited to welcome QBE Ventures and others to our already strong investor base,” says Zbigniew Wojna, Co-Founder of Tensorflight. “Their combined strategic insight and industry experience will be an invaluable asset going forward. Their confidence in our value proposition and global growth strategy to date is an important moment in Tensorflight’s growth trajectory.”
“The vision for our business is to use accurate data to become the leader in the management of property intelligence,” adds Wojna. “The value we deliver to customers across the property and casualty insurance industry is enormous, and will continue to increase as new features are rolled out and our global footprint expands. We plan to significantly grow sales efforts across the USA and globally. From our current base of multiple S&P 500 clients, including a number of top global commercial insurers such as Zurich Insurance, there is a massive opportunity to scale up in the next two years.”
“Construction type and associated property information has a crucial impact on our portfolios, we’re excited about the opportunities we’ve uncovered by working with Tensorflight” says Mark Budd, Head of Innovation, UK, Zurich Insurance Group.
"We see Tensorflight's technology as a key enabler for data-informed, intelligent commercial insurance,” adds James Orchard, CEO of QBE Ventures. “Providing a better way to understand a property, they solve real problems for customers and the insurance industry as a whole. We look forward to working alongside the founders and helping the company expand.”