Insurance risk platform Archipelago raises $34M

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Insurance risk platform Archipelago has raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.

Since publicly launching in August 2020, Archipelago’s
platform has empowered the biggest commercial property owners and managers in
the world (like Prologis, JLL, Alexandria) to use AI and data to manage their
risks and improve their insurance outcomes.

Over 330,000 commercial properties with total insured values
of $2.3 trillion are currently on Archipelago, figures that are growing weekly.

Archipelago’s platform uses machine learning and data verification designed by an internal team of expert structural and risk engineers to digitize and enrich property risk data from a wide range of unstructured source documents, schematics, and images. This ensures that all parties within the property and insurance life cycle have trusted access to accurate, high-quality data.

JEFF BRAY

“For years, we had been looking for a better way to connect
and utilize all of our rich property and risk data, and Archipelago’s domain
expertise, as well as their execution, really stood out,” said Jeff Bray,
Senior Vice President, Head of Global Risk Management for Prologis.

By using a unique combination of AI and human-in-the-loop,
the Archipelago platform extracts structured and unstructured data from
customer provided evidentiary documents (including readily available
spreadsheets, inspection reports, and structural schematics) and transforms
these documents into the crucial information needed by underwriters as part of
the annual insurance renewal process. The Archipelago platform further
transforms this data into visual dashboards, making it easy for brokers to
securely share and market the data across the global insurance market, and for
underwriters on these programs to efficiently and confidently underwrite and
price the risks.

Today, Archipelago also announced the expanded commercial availability of its platform to insurance brokers and insurers. Over 1000 insurance brokers and underwriters across more than 100 insurers (such as CNA) worldwide have already experienced the platform via Archipelago’s customers’ placements.

HEMANT SHAH

Current challenges are accelerating demand for more
proactive risk management and efficient insurance markets. “Large owners of
commercial property continue to experience rising premiums, and risk volatility
is increasingly driven by climate change and other factors. By delivering AI at
scale to digitize risk, we can enable more efficient insurance markets, and
catalyze more resilient commercial properties, worldwide,” said Hemant Shah,
CEO and co-founder of Archipelago.

Archipelago is Hemant Shah’s second company. He previously
co-founded Risk Management Solutions (RMS), a catastrophe risk modeling firm
serving the global insurance industry. Hemant founded RMS as a graduate student
at Stanford University and grew it from zero to the market leader with over
1200 employees.

Funds from this Series B raise will be used to further build
out new product capabilities and scale the team, including significant
investment in engineering, data science, and customer-facing teams. Plans are
also underway to globalize and expand the focus beyond property owners and
insurers in North America.

, have raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.

Since publicly launching in August 2020, Archipelago’s
platform has empowered the biggest commercial property owners and managers in
the world (like Prologis, JLL, Alexandria) to use AI and data to manage their
risks and improve their insurance outcomes.

Over 330,000 commercial properties with total insured values
of $2.3 trillion are currently on Archipelago, figures that are growing weekly.

Archipelago’s platform uses machine learning and data
verification designed by an internal team of expert structural and risk
engineers to digitize and enrich property risk data from a wide range of
unstructured source documents, schematics, and images. This ensures that all
parties within the property and insurance life cycle have trusted access to
accurate, high-quality data.

“For years, we had been looking for a better way to connect
and utilize all of our rich property and risk data, and Archipelago’s domain
expertise, as well as their execution, really stood out,” said Jeff Bray,
Senior Vice President, Head of Global Risk Management for Prologis.

By using a unique combination of AI and human-in-the-loop,
the Archipelago platform extracts structured and unstructured data from
customer provided evidentiary documents (including readily available
spreadsheets, inspection reports, and structural schematics) and transforms
these documents into the crucial information needed by underwriters as part of
the annual insurance renewal process. The Archipelago platform further
transforms this data into visual dashboards, making it easy for brokers to
securely share and market the data across the global insurance market, and for
underwriters on these programs to efficiently and confidently underwrite and
price the risks.

Today, Archipelago also announced the expanded commercial
availability of its platform to insurance brokers and insurers. Over 1000
insurance brokers and underwriters across more than 100 insurers (such as CNA)
worldwide have already experienced the platform via Archipelago’s customers’
placements.

Current challenges are accelerating demand for more
proactive risk management and efficient insurance markets. “Large owners of
commercial property continue to experience rising premiums, and risk volatility
is increasingly driven by climate change and other factors. By delivering AI at
scale to digitize risk, we can enable more efficient insurance markets, and
catalyze more resilient commercial properties, worldwide,” said Hemant Shah,
CEO and co-founder of Archipelago.

Archipelago is Hemant Shah’s second company. He previously
co-founded Risk Management Solutions (RMS), a catastrophe risk modeling firm
serving the global insurance industry. Hemant founded RMS as a graduate student
at Stanford University and grew it from zero to the market leader with over
1200 employees.

Funds from this Series B raise will be used to further build
out new product capabilities and scale the team, including significant
investment in engineering, data science, and customer-facing teams. Plans are
also underway to globalize and expand the focus beyond property owners and
insurers in North America.

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