ProNavigator, a Waterloo-based insurance technology company, has closed a seed-stage financing, bringing its total funding to more than $2 million.
MaRS Investment Accelerator Fund and GreenSky Capital led the round. They were joined by Innovation Grade Ventures and several angel investors.
Founded in 2016 by CEO Joseph D’Souza, ProNavigator provides an artificial intelligence-enabled virtual assistant that helps insurers and agencies automate customer inquiries, supporting increased sales, retention and productivity.
The funds raised will be used for enhancing the company’s technology and expansion in the U.S. market.
Photo: Joseph D’Souza, founder and CEO of ProNavigator.
AI-powered Insurtech ProNavigator Closes 2 Million Equity Financing
Kitchener-Waterloo, ON: January 28, 2018 – ProNavigator, a technology platform company using artificial intelligence (AI) to reinvent the customer experience and drive growth in the insurance industry, has closed its latest seed round of equity financing, bringing its total funding to over $2 million. The round was co-led by the MaRS Investment Accelerator Fund (IAF) and GreenSky Capital. The financing included participation from Innovation Grade Ventures and a select group of prominent angel investors from the Waterloo-Toronto corridor.
“In this on-demand economy, customers expect speed and convenience in all of their service providers. The insurance industry has typically been slow to adapt to this shift but is now working hard to move from legacy systems to modern, data-driven and connected systems,” said Joseph D’Souza, CEO and Founder of ProNavigator. “ProNavigator is focused on delivering AI capabilities tailor-made for the insurance industry. This funding will allow us to continue to evolve our cutting-edge AI technology, offered through chat and voice, and support further expansion into the US market.”
ProNavigator, founded in October 2016, is helping insurance agencies and carriers improve the customer experience, increase sales, retention, and productivity by extending the capabilities of their existing team through cutting-edge technology. It’s AI platform already empowers 80+ leading insurance clients, who leverage its insurance domain expertise and pre-trained natural language understanding models to automate or semi-automate more than 50% of their customer’s underwriting, claims, service and sales related inquiries through either voice or chat.
“We are impressed with ProNavigator’s deep expertise in the insurance market. ProNavigator has demonstrated that it has the capacity to scale quickly by leveraging a strong base of domain-specific technology to help them stand out to both insurance brokers and carriers alike,” said Greg Stewart from GreenSky Capital Inc. “With a strong leadership team and a proven product offering, we believe the company is well positioned to become an InsurTech leader.”
ProNavigator is based in Waterloo, Canada and has assembled a world-class team of engineers, data scientists and insurance experts all with a focus to bring practical applications of AI to the insurance industry.
ProNavigator is a technology company using artificial intelligence to reinvent the customer experience and drive growth in the insurance industry. Their pre-trained insurance virtual assistant helps insurers and agencies automate customer inquiries through almost any channel the customer prefers. Their platform specializes in coaching users through underwriting, claims, service, and sales support to ensure their customers have 24/7 service when and where it’s convenient for them.
MaRS Investment Accelerator Fund Inc.
The MaRS Investment Accelerator Fund (IAF) (@MaRSIAF) is a leading seed-stage fund investing up to $750,000 in high-potential IT, health and cleantech companies. Funded by the Province of Ontario, it has a 10-year history of successfully providing innovative firms with the capital, mentorship and networks need to validate ideas and bring products to market. This keeps Ontario’s talent and technology local while helping its companies go global.
GreenSky Capital Inc.
GreenSky Capital Inc. makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, LP and GreenSky Accelerator Fund II, LP. GreenSky principals bring a unique combination of experience in technology, law and finance to high-growth potential companies and dedicated entrepreneurs. For more information, please visit www.greenskycapital.com.