The company said the funds will be used to scope expansion of its property and climate risk products, to scale its go-to-market motion and to build real estate solutions designed for mortgage, property and asset management.
It explained that these segments are a “natural extension” of its core mission in insurance, and can leverage its existing AI-powered climate risk assessment technology.
Zesty.ai says this funding marks ongoing momentum, claiming over 200% revenue growth in the past year, and attributed this acceleration to climate- and pandemic-fueled digital transformation in the $2.5 trillion Property & Casualty (P&C) industry. It also said the round consisted of a mix of debt and equity and included participation from existing investors and fintech player Brex.
Zesty.ai CEO and co-founder Attila Toth noted the capital will enable the company to focus on changing the real estate landscape by protecting communities with the help of AI.
“Real estate is the world’s largest store of wealth with more than $300 trillion in global assets, but unfortunately the way the world understands value and risk in real estate is based on outdated inspections and decades old risk maps,” Toth said.
It also noted it partners with half of the top 50 insurance carriers in the P&C sector, with named partners including Amica, Aon, Berkshire Hathaway and Farmers Insurance.
“Zesty.ai has a novel approach to looking at real estate through artificial intelligence and has forged a path for forward-thinking customers to stay ahead of risk,” stated Ben Cukier, partner at Centana Growth Partners, in the release.