Archipelago, a San Francisco, CA-based AI-driven technology and data analytics company focused on commercial property risks, raised $34M in Series B funding.
The round was led by Scale Venture Partners, with participation from earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, and Prologis Ventures, also participated in the round.
The company intends to use the funds to further build out new product capabilities and scale the team, including 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.
Launched in August 2020 by Hemant Shah, CEO, Archipelago provides a platform for commercial property owners and managers like Prologis, JLL, Alexandria to use AI and data to manage their risks and improve their insurance outcomes. The 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.
Over 330,000 commercial properties with total insured values of $2.3 trillion are currently on Archipelago.
FinSMEs
20/04/2021