NLP software firm RiskGenius closes Series B round
Kansas-based natural language processing (NLP) company RiskGenius has announced an undisclosed Series B financing round, Jane Connolly writes.
Startland reports that the round was led by Hudson Structured Capital Management, doing business as HSCM Bermuda. There was also participation from Hearst Ventures, FM Global and existing investors.
RiskGenius, which provides software-based NLP tools to the insurance industry, has also reportedly agreed an expanded partnership with FM Global, along with fellow insurance carriers Liberty Mutual and Everest Insurance.
According to Startland, the funds will enable RiskGenius to work on improving its software platform for carriers and brokers, along with enhanced marketing and the possibility of European expansion.
“We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients,” says Andrew Sagon, HSCM Bermuda vice president. “We believe the company is uniquely positioned to drive standardisation of insurance policy language across the industry.”
RiskGenius CEO, Chris Cheatham, says insurance customers are driving growth and investment opportunities for the company.
Sean Mollet, formerly of APR, has recently joined RiskGenius as CTO – he will lead the firm’s software and data science teams, which are expanded to double in size by end of 2019.