Delos Insurance Solutions, a San Francisco-based company that uses satellite imagery and AI to offer insurance protection to homeowners in wildfire-prone areas, has raised $7.3 million in seed funding.
The round was led by IA Capital Group, with participation from Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures, Red Dog Capital, DNX Ventures, Robert Glanville, and Jonathan Crystal. The company will use the funds to expand its operations in California and other wildfire-prone states.
Delos' technology uses satellite imagery and AI to identify homes that are at low risk of wildfire damage. The company then offers these homeowners insurance coverage at a lower price than traditional insurers. Delos' approach is unique in that it takes into account a wide range of factors that can contribute to wildfire risk, such as weather patterns, vegetation, and building materials. This allows the company to offer insurance coverage to homeowners in areas that would otherwise be considered too risky by traditional insurers.
The company's CEO, Kevin Stein, said that the funding will help Delos "scale our operations and make our innovative insurance products available to more homeowners in need." Delos is well-positioned to capitalize on the growing demand for insurance protection in wildfire-prone areas. The company has a strong team with expertise in satellite imagery, AI, and insurance. Delos' technology is also unique and has the potential to disrupt the traditional insurance market.
