Pinpoint Predictive raises series A

Pinpoint Predictive has announced the close of its Series A funding round, raising over $23 million. The round was led by Markd , with participation from Jazz Venture Partners, Guidewire Ventures, Verstra Ventures, Navigate Ventures, and Seraph Group.

Founded in 2015, the San Mateo-based startup, which provides machine learning-driven risk assessment for P&C insurers, claims its platform improves loss ratios by 3 to 10 points. The funds will be used to expand its platform and customer base in the home, auto, and commercial insurance markets.

“We are thrilled by the overwhelming response and confidence shown by investors who share our vision of revolutionizing the insurance industry through innovative AI solutions. This milestone is a testament to the amazing team we have here at Pinpoint as well as a recognition that Pinpoint is providing a game-changing platform to empower our clients to improve profitability and better serve their stakeholders. With this new funding, we are not just forecasting trends; we are setting them.” – Scott Ham, CEO of Pinpoint Predictive.

“We believe the future of insurance lies in embracing advanced AI solutions, and Pinpoint Predictive is a player in this transformative movement. We are proud to partner with Pinpoint to advance our mission helping the P&C insurance industry in their endeavor to balance profitable growth while serving their policyholders more equitably.” – Parker Beauchamp, Managing Partner of Markd.

Several insurers, including The Philadelphia Contributionship, Glacier Auto Insurance, AmTrust Financial, and Ohio Mutual, are utilizing Pinpoint Predictive’s platform to enhance risk management and improve loss predictions in the P&C insurance space. Additionally, LinkedIn data shows that Pinpoint Predictive’s total employee count has grown by 38% over the past two years.