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The firm is also planning a windstorm version for Florida hurricanes. -
HSCM expanded a debt line by $10mn in addition to supporting the fundraise.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
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The InsurTech intends to use the new paper to accelerate the growth of its “next-generation” insurance offerings in the automotive fields.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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As part of expansion plans, Ki has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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Existing investors including State Farm Ventures, Formation8 and Brewer Lane Ventures also participated.
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Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
