Outmarket AI Raises $34.5M Series B for Insurance Platform
Outmarket AI, an artificial intelligence platform for the insurance industry, has secured $34.5 million in Series B funding led by SignalFire. The new investment follows a recent $17 million Series A round.
San Francisco – Outmarket AI, a company providing an artificial intelligence platform tailored for the insurance sector, announced it has raised $34.5 million in Series B financing. The round was led by SignalFire and included participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. This latest funding brings the company's total raised capital to $56.5 million, following a $17 million Series A round announced just a few months prior.
The company cited rapid market adoption and significant growth as key drivers for seeking additional funding so soon after its previous round. Outmarket AI reported surpassing 10,000 active users and currently serves over 300 agency customers, with more than a quarter of the Top 100 insurance agencies utilizing its platform. The funds are designated to accelerate Outmarket AI's product roadmap and expand its capabilities.
Outmarket AI's platform integrates with agency management systems to automate various insurance processes, aiming to reduce manual work and minimize errors. The company also plans to extend its offerings to insurance carriers later this year, facilitating better data flow between agencies and carriers. This expansion is intended to create a more integrated market environment.
Alongside the funding announcement, Outmarket AI also launched a new workflow for generating Certificates of Insurance. This feature automates the process of creating certificates based on contract requirements, aiming to reduce errors and save time for agency staff. The company has also recently introduced other AI-powered tools, including loss run extraction and analysis capabilities.