Roots Automation, known for its AI-powered Digital Coworker and InsurGPT™, the first generative AI model for insurance, has successfully closed a $22.2 million Series B funding round. This investment round was led by Harbert Growth Partners, with additional funding from MissionOG, Liberty Mutual Strategic Ventures, and Vestigo Ventures.
- Funding Details:
- Series B Round: Raised $22.2 million
- Lead Investor: Harbert Growth Partners
- Follow-On Investors: MissionOG, Liberty Mutual Strategic Ventures, Vestigo Ventures
- AI Innovations:
- Digital Coworker: Utilizes Roots’ proprietary generative AI, InsurGPT, and the Roots Autonomous Workforce Platform to convert unstructured data into actionable insights.
- Impact on Insurance: Addresses the $100 billion annual loss in the insurance sector due to unutilized unstructured data.
Transformative Results for Customers:
- 99% Accuracy: Data extraction for an East Coast-based regional P&C insurer.
- 97% Reduction: Handling times for a US-based commercial P&C and workers’ compensation carrier.
- 90% Error Reduction: Premium calculations for a US-based commercial auto insurer.
- 85% Increase: Claims processing capacity for a US-based third-party claims administrator.
Quotes from Leadership:
- Ned Rand, CEO of ProAssurance Group: “Roots’ Digital Coworker has proven successful, and other divisions are now exploring potential implementations.”
- Chaz Perera, Co-Founder & CEO, Roots Automation: “Our goal is to solve the unstructured data problem, allowing insurance brands to focus on client service and exceptional care.”
- Brian Carney, General Partner of Harbert Growth Partners: “We’re impressed by Roots’ customer feedback and look forward to supporting their expansion and innovation in the insurance industry.”
The Series B funding round highlights the growing demand for Roots Automation’s advanced AI solutions in the insurance sector. With this new capital, Roots is poised to expand its market presence, enhance its product offerings, and continue delivering transformative results for its clients.
