October 02, 2024 09:43 AM Eastern Daylight Time

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Vestigo Ventures, an early-stage venture capital firm investing in transformative FinTech companies, proudly announced its participation in a $22 million Series B round in Roots Automation, an existing portfolio company and the world’s most advanced generative AI for insurance. Led by Harbert Growth Partners, the round included Liberty Mutual Strategic Ventures and MissionOG.

“Roots has consistently outperformed competitors by solving the complex unstructured data problem that plagues the industry. We see enormous market potential and significant growth opportunities over the next 12 to 24 months, and we are confident that Roots Automation is well-positioned to capitalize on them.”Post this

Founded in 2018, Roots Automation combines AI and human expertise to create Digital Coworkers that read, reason, and infer like humans. Using its proprietary generative AI, InsurGPT™, and the Roots Autonomous Workforce Platform, the company transforms unstructured data into actionable insights. This technology enables insurance companies to streamline operations, reduce manual tasks, and improve decision-making speed and accuracy.

“We’re thrilled to deepen our partnership with Roots Automation as they continue to create the market-leading AI for insurance,” said Ian Sheridan, Co-Founder and Managing Partner of Vestigo Ventures. “Roots has consistently outperformed competitors by solving the complex unstructured data problem that plagues the industry. We see enormous market potential and significant growth opportunities over the next 12 to 24 months, and we are confident that Roots Automation is well-positioned to capitalize on them.”

Vestigo Ventures first invested in Roots Automation in 2020. Since the initial investment, Roots has created significant impact for 35 US-based insurance companies, such as a 99% accuracy rate on data extraction for a P&C insurer and a 97% reduction in handling times for a commercial P&C and workers’ compensation carrier. The new funding will fuel further market expansion, support organizational growth, and continue product development.

“Unstructured data costs insurance companies $100 billion annually due to underpricing premiums, fraud, and claims overpayment,” said Chaz Perera, Co-Founder and CEO of Roots Automation. “Thanks to investment from innovators like Vestigo Ventures, we can accelerate the development of solutions to help insurance businesses succeed by providing outstanding protection and service to policyholders.”

About Vestigo Ventures

Vestigo Ventures, founded in 2016, is a Northeast-based early-stage venture capital firm focused on accelerating the AI age in financial services. They are committed to building a high-impact, multi-generational capital platform to support entrepreneurs with their industry experience, unequaled network, and AI advantage. For more information about Vestigo Ventures, visit its website at www.vestigoventures.com.

About Roots Automation

Roots Automation combines machine intelligence and human ingenuity in the form of advanced AI that reads, reasons and infers like humans. Roots’ AI is trained on millions of non-public insurance documents, workflows and systems and continuously learns through interactions with human teams. Roots Automation enables leading brands to liberate their teams from high-volume, complex workflows allowing them to focus on what truly matters – delighting customers with superior service and care. Roots Automation is based in New York and was founded in 2018. For more, visit www.rootsautomation.com.

Contacts

Lily Posternak
Vestigo Ventures
(207) 337-0157
lposternak@vestigoventures.com

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