Federato
Underwriting platform for insurance carriers
- 21-100 employees
- Fintech
- B2B
- Enterprise
- Insurance
- Financial District, San Francisco, CA
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Company mission
To provide insurers efficient and affordable coverage to underserved communities, people, and organizations in the face of societal issues and risks like the climate crisis, cyber attacks, and social inflation.
Our take
In a changing world, insurers must manage a new range of risks when offering cover, and underwriters need access to robust information for areas that can be difficult to price. Emerging risks such as cyber-attacks and climate security have little precedent on which to base risk predictions, but underwriters must make quick decisions given the advantage first movers get in the insurance industry.
Federato’s AI/ML platform provides real-time insights into risk, empowering insurers to make equitable and sustainable choices. It provides automated, intelligent assessment of applications, reducing the strain on underwriters and enabling them to use data in a way that the industry has not yet done. Federato labels its approach as 'Risk Ops', and is targeting the $150bn insurance gap with its Saas-based solution.
With several strategic partnerships under its belt and a recent capital infusion earmarked for propelling the company's growth, Federato is at the forefront of applying AI and Reinforcement Learning to the complex task of portfolio optimization. This financial injection is poised to fortify Federato's position as an industry leader, enabling the continued integration of a diverse array of machine-learning techniques to ensure a positive and enduring impact on the insurance sector.
Freddie
Company Specialist at Welcome to the Jungle
Funding (2 rounds)
Jan 2023
$3.5m
SEED
Mar 2022
$4m
EARLY VC
Total funding: $7.5m
Leadership
William Ross
(CEO)Instructor at Udacity. Former Investor with Venrock. Previously worked for IBM as Manager, Corporate Development.
William Steenbergen
(CTO)Previously a Graduate Researcher at Stanford University. Worked as a Data Scientist and Engineer at Building Blocks, and was Managing Director at De Kleine Consultant.