Honeycomb, a Chicago, IL-based digital insurer, raised $36M in Series B funding.
The round was led by Zeev Ventures, with participation from new investors Arkin Holdings and Launchbay Capital and existing investors Ibex Investors, Phoenix Insurance and IT-Farm.
The company intends to use the funds to expand into additional insurance markets and accelerate innovation of AI-powered insurance solutions.
Led by CEO Itai Ben-Zakan, Honeycomb is a P&C insurer covering landlords and condo associations in the U.S. By integrating aerial imagery and street-level photography with technologies including computer vision and artificial intelligence, the company can underwrite risks accurately and in real time, delivering value to its customers and agents.
Honeycomb, which now operates in sixteen states in the U.S., covering approximately 60% of the U.S market, has offices in Tel Aviv, Israel, and in California, Texas, Pennsylvania, Massachusetts, Ohio, Virginia, North Carolina, and Georgia. It insures more than $21 Billion worth of real estate assets and expects to triple that number in the next 12 months.
Commenting on the news, Itai Ben-Zakan said: “We plan to deepen our technological advantage with proprietary AI models leveraging unique first-party data and expand into new insurance markets, turning Honeycomb into a one-stop shop for everything related to commercial real-estate insurance in the U.S.”