Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue – gpgmail


Root Insurance,  lang=”EN”>an Ohio-based car insurance startup that uses smartphone technology to understand individual driver behavior, said Monday it has raised $350 million on a $3.65 billion valuation in a Series E funding round. 

The amount of the round was reported last month, citing anonymous sources. This official announcement fills in the remaining details, including that DST Global and Coatue led the funding round. Existing investors Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners, and Tiger Global Management all participated in this round, along with several new investors, according to the company.

The car insurance company, founded in 2015, has now raised $523 million with an additional $100 million in debt financing. The funding will be used to scale up in the 29 U.S. states where it currently operates and expand into new markets. The additional capital will also be used to develop new product lines, Root said.

The company said last year it planned to be in all 50 states and Washington, D.C., by the end of 2019. 

“Root is transforming auto insurance, the largest property and casualty insurance market in the U.S., by leveraging technology and data to offer consumers lower prices, transparency, and fairness,” Tom Stafford, managing partner of DST Global, said in a statement.

Root provides car insurance to drivers. The company has differentiated itself by using individual driver behavior along with other factors to determine the premium customers pay.

Drivers download the Rootmobile app and take a test drive that typically lasts two or three weeks. Root provides a quote that rewards good driving behavior and allows customers to switch their insurance policy. Customers can purchase and manage their policy through the app.

Root has said its approach allows good drivers to save more than 50 percent on their policies compared to traditional insurance carriers. The company uses AI algorithms to adjust risk and sometimes provide discounts. For example, a vehicle with an advanced driver assistance system that it deems improves safety might receive further discounts.

The company’s business model has attracted customers. Root wrote more than $187 million in insurance premiums in the first six months of 2019, 824% growth over the same period in 2018.


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Adarga closes £5M Series A funding for its Palantir-like AI platform – gpgmail


AI startup Adarga has closed a £5 million Series A fundraising by Allectus Capital. But this news rather cloaks the fact that it’s been building up a head of steam since it’s founding in 2016, building up – what they say – is a £30 million-plus sales pipeline through strategic collaborations with a number of global industrial partners and gradually building its management team.

The proceeds will be used to continue the expansion of Adarga’s data science and software engineering teams and roll out internationally.

Adarga, which comes from the word for an old Moorish shield, is a London and Bristol-based start-up. It uses AI to change the way financial institutions, intelligence agencies and defence companies tackle problems, helping crunch vast amounts of data to identify possible threats even before they occur. The start-up’s proposition sounds similar to that of Palantir, which is known for working with the US military.

What Adarga does is allow organizations to transform normally data-intensive, human knowledge processes by analyzing vast volumes of data more quickly and accurately. Adarga clients can build up a ‘Knowledge Graph’ about subjects, and targets.

The UK government is a client as well as the finance sector, where it’s used for financial analysis and by insurance companies. Founded in 2016, it now has 26 employees – including data scientists from some of the UK’s top universities.

The company has received support from Benevolent AI, one of the key players in the UK AI tech scene. Benevolent AI, which is worth $2bn after a $115m funding round, is a minority shareholder in Adarga. It has not provided financial backing, but support in kind and technical help.

Rob Bassett Cross, CEO of Adarga, commented: “With the completion of this round, Adarga is focused on consolidating its competitive position in the UK defence and security sector. We are positioning ourselves as the software platform of choice for organisations who cannot deal effectively with the scale and complexity of their enterprise data and are actively seeking an alternative to knowledge intensive human processes. Built by experienced sector specialists, the Company has rapidly progressed a real solution to address the challenges of an ever-growing volume of unstructured data.”

Bassett Cross is an interesting guy, to say the least. You won’t find much about him on LinkedIn, but in previous interviews, he has revealed that he is a former army officer and special operations expert who fought in Iraq and Afghanistan, and was awarded military cross.

The company recently held a new annual event, the Adarga AI Symposium at the The Royal Institution, London, which featured futurist Mark Stevenson, Ranju Das of Amazon Web Services, and General Stanley A. McChrystal.

Matthew Gould, Head of Emerging Technology at Allectus Capital, said: “Adarga has developed a world-class analytics platform to support real-time critical decisioning by public sector and defence stakeholders. What Rob and the team have built in a short time is a hugely exciting example of the founder-led, disruptive businesses that we like to partner with – especially in an ever-increasing global threat landscape.”

Allectus Capital is based in Sydney, Australia and invests across Asia-Pacific, UK and US. It has previously invested in Cluey Learning (Series A, A$20M), Everproof, Switch Automation and Automio.


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Tesla promises up to 30% lower rates with new car insurance play – gpgmail


Tesla said Wednesday it has launched an insurance product, promising owners of its electric vehicles to deliver rates 20% and even as high as 30% lower than other insurance providers.

For now, the product known as Tesla Insurance, will only be available to owners in California. The business will expand to additional U.S. state in the future, Tesla said without naming where or providing a timeline.

The announcement follows Tesla CEO Elon Musk’s promise back in April that the company would launch an insurance product “in about a month.” At the time, he said it would be “much more compelling than anything else out there.”

The company argues that Tesla Insurance will be able provide insurance at a lower cost by leveraging the “advanced technology, safety, and serviceability of our cars.” In short, Tesla is saying that it deep insight and familiarity with its own vehicles gives it a better understanding of the technology and repair costs. This helps eliminate fees taken by traditional insurance carriers.

Tesla says the cost of each policy will be based on an individual’s driving record and “other factors that can typically impact a person’s insurance rates.” The company says it won’t, however, use or record vehicle data, such as GPS or vehicle camera footage, when pricing insurance.

That policy seems in direct conflict with Musk’s comments during a first-quarter earnings call with analysts in April when he said Tesla has an “information arbitrage opportunity, explaining that it’s able to capture driving data, giving the company direct knowledge of the risk profile of the driver and car.

If customers want to buy Tesla insurance they might have to agree to “not drive the car in a crazy way,” Musk said at the time. He later added that they can drive crazy, they’ll just have a higher insurance rate.

Tesla insurance won’t cover commercial services such as using the vehicle for ride-hailing or car-sharing services.

Owners looking to insure multiple Tesla vehicles may also be eligible for further discounts, the company said,

Existing Tesla customers in California, and eventually owners in other states, are able to purchase a policy through a dedicated webpage. Customers ordering new vehicles can request a quote prior to delivery once a VIN has been assigned to their Tesla Account, according to the company.


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Sweden’s Hedvig raises $10.4M led by Obvious Ventures to build “nice insurance” – gpgmail


Hedvig, a Swedish startup, is following in the footsteps of Lemonade building a new generation of insurance platforms that use AI to help evaluate customers and operate on a policy of using surplus for social good, and today the company announced the next stage of its growth. The startup has closed a SEK100 million ($10.4 million) round of funding to expand from its current offering of property insurance into a wider range of categories, and begin the costly process of expanding its business into more countries beyond its home market.

The funding values the company at SEK342 million ($35.5 million) — a modest figure considering Lemonade’s recent $300 million round, reportedly (per PitchBook) at a $2.1 billion post-money valuation — but helps position the company to set its sights on being a strong regional player (if not an acquisition target for Lemonade if it wants to quickly add on new regions: the latter kicked off its first services in Europe earlier this year, so its global aspirations are clear).

It currently has 15,000 customers in its home market of Sweden, who use it for property insurance on rented or owned apartments, and Lucas Carlsen, the co-founder and CEO, said in an emailed interview with gpgmail that it “definitely” plans to expand that to houses as well as other categories. Home insurance also covers contents such as gadgets and travel, and Carlsen said that the former (gadgets) accounts for the majority of claims at the moment.

The round was led by Obvious Ventures, the venture fund co-founded by Twitter/Medium/Blogger co-founder Ev Williams, with D-Ax, the early stage investment arm of Swedish retail giant Axel Johnson Group, also participating, along with past investor Cherry Ventures.

“We are building a global company. We just started in Sweden since we happened to live here, and it serves as a good test market as we have some of the worlds’ most progressive and demanding consumers. Today, we do not have any news to share about future markets, but stay tuned!” said Carlsen.

“The new funding will mainly be used to fuel growth in Sweden, but we’ll also be looking at extending into new markets and insurance categories. Insurance is capital intensive and our new partners are committed to supporting our long-term vision,” he continued.

Indeed, getting an investor like Obvious (which published its own short announcement about the investment, on Medium) involved could open the door to introductions with a number of other investors down the road.

“Hedvig is harnessing its purpose, the power of AI, and its human-centered product to create a modern, full-stack insurance company. Their incredible team is delivering against the mission – to give people the world’s most incredible insurance experience – and we at Obvious are honored to help scale it further,” said Vishal Vasishth, one of Obvious Ventures’ other co-founders, in a statement.

Hedvig — named, Carlson said, after a legend of “someone who stood up for others and fought for their causes: that’s what we do,” — will sound familiar to you if you know Lemonade.

It follows in a wave of more socially-forward businesses that are being created, which are using technology to help disrupt the status quo but also to bridge the gap between building services that consumers need, and the principles that they would like to adhere to more if possible. (Other examples include the likes of Beyond Meat, which is also backed by Obvious; as well as the plethora of electric and hybrid vehicle makers; and more.)

In the case of Hedvig and the challenge of insurance, the proposition goes like this:

Hedvig uses technology and innovative algorithms to help assess a potential customer, who is then provided with lowest-cost, and often competitively priced, premiums. Then, as a “full-stack” digital company, it also uses its algorithms to help process claims. Then, after Hedvig uses its bigger pot of money to pay out claims, the annual surplus is donated to charities selected by its customers.

“By not pocketing this money ourselves we can focus on providing the best service possible to you and not on making more money from denying claims,” Carlson said.

Hedvig itself makes money by taking a cut off users’ monthly premiums (it doesn’t specify how much). To date, Hedvig has not disclosed how much it has been able to “give back” according to its business model. But the philosophy is that by digitising some of the more mundane processes that are relegated to human adjustors and customer agents at traditional agencies — and by not being inherently greedy — the startup is able to provide a more pleasant, more efficient, and more conscionable service.


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What tech gets right about healthcare – gpgmail


We often hear how tech just doesn’t get the healthcare industry but how is it helping where government and big pharma can’t?

Why is tech still aiming for the healthcare industry? It seems full of endless regulatory hurdles or stories of misguided founders with no knowledge of the space, running headlong into it, only to fall on their faces.

Theranos is a prime example of a founder with zero health background or understanding of the industry — and just look what happened there! The company folded not long after founder Elizabeth Holmes came under criminal investigation and was barred from operating in her own labs for carelessly handling sensitive health data and test results.

But sometimes tech figures it out. It took years for 23andMe to breakthrough FDA regulations — it’s since more than tripled its business and moved into drug discovery.

And then there’s Oscar Health, which first made a mint on Obamacare and has since ventured into Medicare. Combined with Bright, the two health insurance startups have pulled in a whopping $3 billion so far.

It’s easy to shake our fists at fool-hardy founders hoping to cash in on an industry that cannot rely on the old motto “move fast and break things.” But it doesn’t have to be the code tech lives or dies by.

So which startups have the mojo to keep at it and rise to the top? Venture capitalists often get to see a lot before deciding to invest. So we asked a few of our favorite health VC’s to share their insights.

Phin Barnes – First Round Capital




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