"Stand Insurance has raised $35 million in a Series B funding round to expand its artificial intelligence-powered coverage for homeowners. The company targets insurance markets deemed risky, with policies covering properties valued at a total of $1 billion in wildfire-prone California. The company says it will use the fresh funding to expand into Florida this year, another market with a huge protection gap due to its hurricane exposure."
"San Francisco-based Stand uses remote sensing data and collects details from homeowners such as materials used for windows and the tree species in the backyard. The startup analyzes this information using artificial intelligence technology, which it uses to simulate how wind, heat, embers and other factors stand to contribute to possible damage. That basically tells us what are the vulnerabilities that you need to remedy, said Dan Preston, Stand's cofounder and chief executive officer."
Stand Insurance secured $35 million in a Series B round to expand artificial intelligence-powered homeowner coverage. The company focuses on high-risk insurance markets and currently covers properties valued at $1 billion in wildfire-prone California. The new funding will support expansion into Florida to address hurricane-related protection gaps. Investors include Eclipse, Lowercarbon Capital and Inspired Capital. Stand combines remote sensing with homeowner-provided details like window materials and backyard tree species, and its AI simulates wind, heat, embers and other factors to identify vulnerabilities. The company provides tailor-made mitigation action plans and offers insurance discounts to compliant homeowners. Stand's insurance service is profitable.
Read at www.mercurynews.com
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