SAN FRANCISCO — Archipelago has landed $34 million in Series B funding led by Scale Venture Partners, with follow-ons from earlier investors: Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.
Since publicly launching in August 2020, Archipelago’s platform has empowered the biggest commercial property owners and managers in the world (like Prologis, JLL, Alexandria) to use AI and data to manage their risks and improve their insurance outcomes. Over 330,000 commercial properties with total insured values of $2.3 trillion are currently on Archipelago, figures that are growing weekly.
Archipelago’s platform uses machine learning and data verification designed by an internal team of expert structural and risk engineers to digitize and enrich property risk data from a wide range of unstructured source documents, schematics, and images. This ensures that all parties within the property and insurance life cycle have trusted access to accurate, high-quality data.
“For years, we had been looking for a better way to connect and utilize all of our rich property and risk data, and Archipelago’s domain expertise, as well as their execution, really stood out,” said Jeff Bray, Senior Vice President, Head of Global Risk Management for Prologis.
By using a unique combination of AI and human-in-the-loop, the Archipelago platform extracts structured and unstructured data from customer provided evidentiary documents (including readily available spreadsheets, inspection reports, and structural schematics) and transforms these documents into the crucial information needed by underwriters as part of the annual insurance renewal process. The Archipelago platform further transforms this data into visual dashboards, making it easy for brokers to securely share and market the data across the global insurance market, and for underwriters on these programs to efficiently and confidently underwrite and price the risks.
Archipelago also announced the expanded commercial availability of its platform to insurance brokers and insurers. Over 1000 insurance brokers and underwriters across more than 100 insurers worldwide have already experienced the platform via Archipelago’s customers’ placements.
Current challenges are accelerating demand for more proactive risk management and efficient insurance markets. “Large owners of commercial property continue to experience rising premiums, and risk volatility is increasingly driven by climate change and other factors. By delivering AI at scale to digitize risk, we can enable more efficient insurance markets, and catalyze more resilient commercial properties, worldwide,” said Hemant Shah, CEO and co-founder of Archipelago.
Archipelago is Hemant Shah’s second company. He previously co-founded Risk Management Solutions (RMS), a catastrophe risk modeling firm serving the global insurance industry.