Vellum Exits Stealth with $7M Seed Round for AI-enabled Insurance Analytics Platform
Summary
Vellums mission is to build seamless, real-time connectivity between carriers, reinsurers and MGAs, unlocking their ability to innovate within an increasingly volatile risk landscape. Changes in the frequency of catastrophic events, like those we have seen recently in Florida, California and Hawaii, are causing insurers to exit the market, leaving people and businesses with gaps in coverage, said Muir. We have been looking for years to invest in companies that are disrupting the decades-old technology that governs how the insurance and reinsurance industry moves and analyses data, said Lauren Kolodny, founder at Acrew Capital. Vellums data and analytics platform, built specifically for the insurance industry, provides the modernized infrastructure that carriers, reinsurers and MGAs have been crying out for to be able to adapt and innovate in this environment. Vellum was founded in 2022 by Julianna Muir, John Cappiello and Paul Toomath, who bring decades of experience building and exiting businesses in the insurance, reinsurance and software industries.