Funding
Insurtech startup Pibit.AI raises $7 million from Stellaris, others
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Insurtech startup Pibit.AI has raised $7 million in a round led by Stellaris Venture Partners, with participation from existing investors Y Combinator and Arali Ventures.
Founded in 2020 by Akash Agarwal, Pibit.AI has built underwriting systems which are used to evaluate risk and define the insurance premium. This, he says, makes the underwriting faster and more accurate.
The San Francisco-based startup plans to deploy the funds in research and development to strengthen its product, and expand its team, added Agarwal.
“We are building a vertical AI…
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