The new funding comes at a time of record growth for Zesty.ai with its climate risk products being used to protect over $3 trillion in assets
San Francisco, CA, July 19, 2022 - ZestyAI, the leading provider of property risk analytics solutions powered by Artificial Intelligence (AI), today announced the closing of $33M in funding, in conjunction with their Series B led by Centana Growth Partners, a growth equity fund with deep experience in financial and insurance technology. Current investors and Brex also participated in the oversubscribed round with equity and debt. ZestyAI will use the new capital to expand the breadth of its existing products within insurance and develop new products for the real estate market.
The funding comes at a time of record growth for ZestyAI, whose revenue grew in excess of 200 percent last year. ZestyAI partners with about half of the top 50 property and casualty insurance carriers in the U.S. to underwrite and rate homeowners and business insurance with high precision. The Company’s climate risk products, which include Z-FIRE™ — a predictive AI wildfire risk model trained on decades of historical loss data, have seen widespread regulatory approval and commercial adoption across all states in the US. Insurance leaders like Amica, Aon, Berkshire Hathaway, Cincinnati Insurance, Farmers Insurance, The California FAIR Plan and many others are making ZestyAI’s models an important part of their risk management strategies.
“ZestyAI’s rapid customer growth and the regulatory momentum behind their models is a clear reflection of the return on investment that they deliver to their customers,” said Ben Cukier, Partner at Centana Growth Partners. “ZestyAI has a novel approach to looking at real estate through artificial intelligence and has forged a path for forward-thinking customers to stay ahead of risk. We’re proud to support ZestyAI as they continue to establish themselves as the market leader in AI-driven property risk and value analytics.”
The funding will fuel ZestyAI's expansion as it grows the scope of its property and climate risk products, scales its go-to-market motion, and builds real estate solutions designed specifically for mortgage, property, and asset management. This represents a natural extension of ZestyAI's core mission in insurance, which is to leverage cutting-edge technologies like AI and computer vision to help protect families, communities, and their financial well-being.
“Real estate is the world’s largest store of wealth with more than $300 Trillion in global assets, but unfortunately the way the world understands value and risk in real estate is based on outdated inspections and decades-old risk maps. That analog view of real estate has been especially apparent in trying to understand the impact of climate risk on property value,” said Attila Toth, Founder and CEO of ZestyAI. “ZestyAI digitally transforms the world’s understanding of real estate by using Artificial Intelligence to build best-in-class predictive models that deliver risk and value insights at the individual property level. We want to thank our customers and investors for their partnership, as well as our highly-talented team of Zesties for working tirelessly to deliver on our customer commitments while protecting the livelihood of people and their communities.”
About ZestyAI
ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI, including computer vision, to build a digital twin for every building in North America, encompassing 200B property insights accounting for all details that could impact a property’s value and associated risks, including the potential impact of natural disasters. Visit https://zesty.ai for more information.
About Centana Growth Partners
Centana Growth Partners is a specialized growth equity firm that invests in the future of financial services. We collaborate with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to our portfolio companies. We empower entrepreneurs with a combination of capital, network, and expertise to accelerate the growth of our portfolio companies. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry.