Sixfold to expand into UK after $15m fundraise

Insurtech Sixfold is set to expand into the UK market after raising $15m (£11.72m) in a funding round.

That was according to Jane Tran, co-founder and chief operating officer of Sixfold, who said that the firm was likely to have a permanent UK presence in the second half of 2024.

”Given the history and brevity of the insurance market in the UK, coupled with the power of the London markets, expanding our presence in the UK was a no-brainer,” Tran told Insurance Times.

Once setup in the UK, the firm will use the money it raised from its fundrasier to build out its team of AI and machine learning engineers, enhance product capabilities and accelerate its research and development tax credit efforts.

The series A funding round was led by Salesforce Ventures, with participation from Scale Venture Partners and its previous investors Bessemer Venture Partners, Crystal Venture Partners and Crystal Venture Partners.

Laura Rowson, principal of Salesforce Ventures, said: “As a firm that invests heavily in vertical SaaS [Software as a Service] innovation, we see Sixfold as a company capable of transforming the insurance industry with a purpose-driven generative AI solution.

“With Sixfold’s AI, insurance carriers review and close more business, helping them to increase profitability. Sixfold’s traction over the past year demonstrates the value it clearly delivers.”

Winner

The announcement came after insurer Zurich revealed that Sixfold was among nine winners in its 2024 Innovation Championship.

Alex Schmelkin, chief executive of Sixfold, said: “With generative AI and our patent-pending technology, it’s possible for every underwriter to have their own virtual team of researchers and assistants to evaluate risk.

“Our AI is built to deliver the greatest efficiency and user experience in the industry.

”What we have created and continue to refine is more than just a tool for underwriters. It’s a comprehensive end-to-end risk analysis solution.”