Insurance policy comparison bot Insurify has raised $4.6m in a Series A round co-led by MassMutual Ventures and Nationwide Ventures.
The Cambridge, Massachusetts-based company was also saw investment form its existing backers.
Insurify offers a Facebook Messenger bot that aims to use artificial intelligence and natural language recognition to help drivers compare car insurance quotes.
Company CEO Snejina Zacharia said: “Our Facebook Messenger virtual agent experience is faster than any website or mobile app, and easier to use than any online form.
“It’s a powerful example of how our technology will work on all other messaging services.
“Our vision is to continue to enhance the artificial intelligence and data integrations behind our virtual agent and train the algorithms to pass the insurance licensing exam.”
The MIT spin-out launched in January 2016 and claims more than 1.5 million customers have used its bot to date.
The number of customers purchasing insurance policies through the service growing more than 40% month-on-month since launch.
The company says it expects to double this volume in the first quarter of 2017 and will use the new capital to fuel this growth.
MassMutual Ventures’ managing director Eric Emmons said: “Insurify represents the next generation of digital-insurance innovation with its intuitive user experience and advances in artificial intelligence and natural language processing.
“Insurify has raised the bar in an industry already experiencing substantial technology disruption.
“Snejina and her team have significant and growing traction with both consumers as well as with insurance incumbents, and are continuing to push the boundaries of what’s possible.”
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