PE-VC Fund Investments
Insurtech startup Pibit.AI raises $7-M led by Stellaris Venture
San Francisco, CA (USA)- and Gurugram-based insurtech startup Pibit.AI has raised USD 7 million (around INR 62 crore) in a Series A funding round, led by Stellaris Venture Partners, with participation from existing investors Y Combinator and Arali Ventures.Founded in 2020 by IIT-Roorkee alumnus Akash Agarwal, Pibit.AI provides CURE (Centralised Underwriting Risk Environment), a GenAI-powered underwriting platform that automates data ingestion, analysis, and risk assessment. Its products assist in converting unstructured data, streamlining submissions, managing quotes, and providing risk scores.Pibit.AI's primary client base is in the US, with its solutions being used by insurance carriers such as Kinetic, Shephard, and Method.The startup intends to deploy the fresh capital to bolster its research and development function, strengthen product development, and expand the core capabilities of its CURE platform. The funds will also be used to enhance advanced risk models and deepen data partnerships to make its offerings more adaptive to new lines of business and emerging risks.Pibit.AI was part of Y Combinator’s Winter Batch 2021 and raised a USD 500,000 seed funding round in 2023.
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