AI software startup Chisel AI shuts down

Chisel AI announced that it is winding down its operations in a LinkedIn post published on April 19. While the company signed a term sheet in February, it later became evident that a number of issues outside its control, as well as the current uncertain global macroeconomic situation, would significantly limit its capacity to complete the raise.

Founded in 2015, Chisel AI was a Canadian startup that developed an AI solution for commercial insurance that read unstructured insurance data “hundreds of times faster than a human.”

Its AI platform and intelligent workflows automated high volume, repetitive manual underwriting, and placement processes, enabling insurance carriers and brokers to double their business, reduce E&O risk, and deliver a better customer experience without adding staff.

Customers included large commercial lines insurance carriers such as Zurich and brokers.