Auto insurance startup Soteris raises $8 million

Soteris , a machine learning platform for insurance pricing, has raised $8 million in a new funding round, bringing its total funding to $8.2 million. The round follows a $150,000 pre-seed investment from Y Combinator in 2019. “With our SaaS platform, you can turn on all segments and accurately select and quote only the adequately rated risks on an individual policy basis at point of sale.”

Founded in 2018, Soteris uses machine learning to help insurers assess auto insurance risk at the individual policy level.

The startup, which currently has a team of 7, has grown its headcount by 75% over the past two years.

As a fun fact, the name “Soteris” is inspired by the Greek figures Soter and Soteria, who represent safety and protection.

Bottom Line: Soteris closed most of its planned $9.4 million raise.