Credit: Mohamed_hassan from Pixabay.

Emergence Capital and PearVC also participated in the round, less than a year after Federato had its Series A round.

Federato’s RiskOps provides a real-time platform for both individual risk underwriting and portfolio optimisation.

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In addition, the underlying data graph enables a single pane of glass view of client information and allows for AI to proactively recommend next best actions to users.

Since the firm’s Series A, Federato has tripled its customer base, doubled spend within existing customers, and entered several new markets across commercial and personal lines.

“Since leading their Seed round two years ago, we have been privileged to see the Federato team build something exceptional in P&C insurance,” said Varun Gupta, partner at Caffeinated Capital, who joins the company’s board.

“Federato’s software is so valuable that billion-dollar global insurance companies and start-up MGAs alike buy, use, and evangelise it. After hearing rave reviews from those customers, seeing the company’s strong growth, and observing the team’s march towards building the Industry Cloud for P&C, we are excited to triple down.”

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“Federato’s foundation lies in deep research around how AI can work together with humans towards complex end goals,” said William Steenbergen, CTO and co-founder of Federato, whose graduate work at Stanford’s Human Computer Interaction Group centered around these algorithms.

“Our customers are proving that while generative AI has created recent buzz, many other AI use cases are benefitting from the same underpinning innovations. In insurance, the impact of helping a group of underwriters work towards the coordinated end goal of a balanced, growing risk portfolio is crucial. We are excited to be several years ahead of the curve in applying a broad range of machine learning techniques to ensure AI makes an impact in this important industry.”