San Fran-Based Cover Announces Series A to Bring Computer Vision to Insurance
San Fran-based Cover announced it has raised $8M in a Series A round led by Social Capital, bringing its total funding to date to $11M. The mobile first insurance startup allows users to begin their insurance journey by taking a few pictures. “We’ve handled requests for just about anything you can insure – cars, homes, pets, jewelry, farm animals, tanks, and even selfies requesting life” – Cofounder and CEO Karn Saroya. It originally started as a lead-gen business where it processed over 90K insurance requests. Now, the startup is licensed to sell insurance across the US and has secured partnership with 30 insurers. Wait there’s more.
Today, the two-year-old company is launching the first ever implementation of computer vision in insurance, available to all their users via the Cover app. Users can walk around their homes, and Cover will auto-detect, identify, and catalogue their property against an existing policy, or a new one if they need it. Additional perks include the ability for Cover to set up price drop alerts on an insurance policy, as well as import what insurance a user pays for via its credit card. Play.
Recall 2017 insurance-related investments here.