Relativity6 announces $5.25M round led by Fin Capital
BOSTON, April 5, 2022 /PRNewswire/ — 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.
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.
“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.”
Relativity6’s AI platform retrieves up-to-the-second information about a business in order to automatically detect its 6-digit NAICS code and verify its digital existence. Relativity6 is the fastest and most accurate NAICS detector on the market, improving commercial underwriting workflow and overall business classification and segmentation. Relativity6 is backed by Fin VC, State Auto Labs Fund, Vectr Ventures, Cortado Ventures, and Angel Ventures. For more information visit: www.relativity6.com
About Fin Capital
Fin Capital is a global asset management firm focused on full life cycle investing in B2B FinTech companies across the US, UK, Europe, LatAm, Israel, and Canada. with offices in San Francisco, New York and London (Q1 ’22). Fin’s investing platform includes Pre-Seed (Regatta), Early Stage (Flagship), Growth Equity (Horizons), and Public Equity (Constellation) strategies, and has invested in over 80 portfolio companies globally. The firm focuses broadly across FinTech in six sub-sectors: Embedded Finance, Asset Management/Capital Markets, CFO Tech Stack, InsurTech, Enterprise Blockchain, and Enabling Tech/Infrastructure. For more information, visit https://fin.capital/.
About Vectr Ventures
Vectr is a global venture capital fund and hybrid venture studio based in Hong Kong that combines capital, creation, and partnership to deliver game-changing impact to teams ready to tackle global issues, transform industries, and improve the lives of millions. Vectr invests in early and late stage companies with a focus on software disrupting antiquated industries, computational and synthetic biology, regenerative consumer products, and cross-border fintech. Vectr has over 100 portfolio companies with business reach in over 50 countries. For more information, visit https://vectr.co/.
About Cortado Ventures
Cortado Ventures is an early-stage venture capital firm that invests in ambitious, growth-driven companies to define a new generation of economic prosperity for the Midcontinent region. As one of the largest VC funds in Oklahoma, Cortado’s focus is on tech companies bringing innovative solutions to the energy, logistics, life sciences, aerospace and the future of work sectors. For more information, visit cortado.ventures.
Relativity6 Media Contact:
Jon Ringvald, Chief Product Officer
SOURCE PR Newswire