FurtherAI has raised $5m in a funding round led by Nexus Venture Partners through its $700m AI-dedicated fund.
The round included contributions from Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC and Xceedance.
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With the new capital, the AI-driven insurtech company aims to expand into the UK market and support its goal of reducing expense ratios by 50%.
FurtherAI supports document processing automation and integration of disjointed systems.
The AI platform claims to have attained 140% higher accuracy compared with manual processing, is compatible with older legacy systems and can be scaled across solutions such as underwriting and claims processing.
FurtherAI co-founder and CEO Aman Gour said: “When we first partnered with the insurance industry, many claimed it was slow to innovate and held back by repetitive tasks. We saw it differently: insurance isn’t inherently sluggish or mundane – it just needed more advanced technology. Now, with large language models, we are unlocking the industry’s true potential. I am thrilled that top investors recognise this opportunity, enabling us to drive real change in the industry.”
FurtherAI co-founder and CTO Sashank Gondala stated: “We have seen a lot of untapped potential because traditional models don’t fully meet the unique needs of specialised insurance. At FurtherAI, we are committed to building far better and more accurate solutions while upholding the strict privacy and compliance standards that the industry demands.”
FurtherAI’s technology has been adopted by several insurance entities.
A managing general agent handling more than $1.5bn in premiums reportedly doubled its underwriter productivity after implementing FurtherAI’s system.
Additionally, a risk exchange has projected a doubling in the number of policies audited and a reduction in compliance audit times by more than 20% within the first year of using the technology.
A regional insurer also reported a more than 95% improvement in its policy comparison process after adopting FurtherAI’s solutions.
