Relativity6 raises $5.25 million
AI platform for industry classification Relativity6 has raised a $5.25 million seed round led by Fin Capital with participation from State Auto Labs Fund, Vectr Ventures, Cortado Ventures, Angel Ventures, and several strategic individuals in the insurance, financial services, and data space.
Founded in 2016, Relativity6 streamlines and simplifies the underwriting process through its proprietary real-time API that retrieves up-to-the-second information about a business to automatically detect its 6-digit NAICS code and verify its digital existence.
“Industry classification is essential for straight-through processing in commercial underwriting, risk monitoring, and overall customer segmentation. We’re on a mission to continue to improve our already industry leading API speed and accuracy. Businesses are more versatile than ever before. We are providing a critical operational asset, allowing companies to classify a business quickly and confidently” – CEO and co-founder Alan Ringvald.
“Relativity6 enables true and transparent classifications of SMEs, solving for a pain point that has stifled automation of financial market products for today’s multi-dimensional SME offerings. We’re thrilled to be supporting Relativity6 as they provide a translation and verification layer for insurers seeking to provide better and more accurate insurance products for small businesses.” – Fin Capital Venture Partner Emy Donavan.
