Bees360, an insurtech that provides drone and AI technology for property underwriting and claim inspections, has closed a Series A round, The Insurer can reveal.
This publication revealed in December that Bees360 was preparing for the round. The funding has now been completed.
The funding amount and participants are not being disclosed. Bees360 was advised on the financing round by Stonybrook Capital.
Andy Liu, founder and CEO of Bees360, said the new funding will be used to enhance the insurtech’s operations, its technology and the sales team.
Houston, Texas-based Bees360, which was founded in 2018, had previously raised about $4.5mn in funding from founders, friends and family.
Bees360 is a one-stop-shop service provider focusing on the development and utilisation of AI, machine learning and drone technology to transform the traditional property claim and underwriting industry through a disruptive business model.
The company enables insurance carriers to streamline the underwriting and claims process, reduce cycle times, maximise efficiency, improve consistency and deliver a better policyholder experience. In addition, Bees360 provides clients the financial benefit of reducing loss ratio and loss adjustment expenses.
The company, which covers 48 US states, has continued to build out in the past year.
It has increased its number of clients to almost 30 from six in the middle of last year. It has around 100 employees and is on target to grow to around 150 by the end of the year.
Unlike many other insurtechs at a similar stage of development, Bees360 is already profitable.
When asked how long it will be until Bees360 will require new funding, Liu stated “maybe later next year or when we want to prepare an IPO”.
He added that the company has shown that it has a scalable business model.
“We have become the industry leader of drone and AI-enabled property inspections,” Liu said. “Our profitability and exponential growth reflect the success of our business model.”