Relativity6, the leading AI platform for industry classification, announced that it has raised a $5.25m seed round led by Fin Capital with participation from State Auto Labs Fund, Vectr Ventures, Cortado Ventures, Angel Ventures, and several strategic individuals in the insurance, financial services, and data space. The funding will be used to accelerate sales efforts within commercial insurance underwriting, drive expansion into new financial services markets, and fuel the development of additional critical business data points.
“Industry classification is essential for straight-through processing in commercial underwriting, risk monitoring, and overall customer segmentation. We’re on a mission to continue to improve our already industry leading API speed and accuracy,” says CEO and co-founder Alan Ringvald.
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Relativity6 streamlines and simplifies the underwriting process through its proprietary real-time API that retrieves up-to-the-second information about a business to automatically detect its 6-digit NAICS code and verify its digital existence.
Understanding what a small to mid-sized business does is challenging. A carpenter could also provide roofing services, but carpentry and roofing are two drastically different classes of business from a risk and pricing perspective. If you are unable to accurately capture everything a business is doing you run the risk of improperly classifying the risk.
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“Businesses are more versatile than ever before. We are providing a critical operational asset, allowing companies to classify a business quickly and confidently,” says Alan Ringvald.
Fin Capital Venture Partner Emy Donavan says “Relativity6 enables true and transparent classifications of SMEs, solving for a pain point that has stifled automation of financial market products for today’s multi-dimensional SME offerings. We’re thrilled to be supporting Relativity6 as they provide a translation and verification layer for insurers seeking to provide better and more accurate insurance products for small businesses.”
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