Symplfy.ai
Reports and Documents
USD 0.5 Mn (~ ₹ 4Cr
Total Round Size
Equity
Mode
₹ 10 Lacs or USD equivalent.
Minimum Ticket Size
USD 5 Mn (~ ₹40 Cr (Pre-money)
Previous Rounds Details
Round 1: Angel Round (Dec 2021)
3 Cash Investors and 1 Services for Equity Investor.
Total funds raised : USD 201,600 (USD 50,400 each)
Valuation : USD 1.8MN
Round 2: Pre-Seed Round (Oct 2023)
Qatar Development Bank signed up a SAFE note for USD 170,000 funding with a post money valuation cap of USD 3.4Mn
About the Opportunity
Company Overview
Symplfy.ai is an insuretech company that provides remote automated risk assessment solution to the general insurance companies.
At the heart of a general Insurance company business is the role to assess the risk of various assets it insures such as vehicles, property, crop, etc. Currently risk assessments are manual and rely on human skill and judgement. Manual risk assessment lead to problems of higher costs, longer turnaround times, subjective assessments, fraud and also limits scalability of business.
Symplfy.ai solves the manual risk assessment problems by using AI and related technologies to deliver risk assessments in a remote and automated manner
Remote Automated Risk Assessments globally is a USD 52 Bn opportunity. Symplfy will target Emerging markets (over USD 9Bn) and in the initial phase of 3-5 years target Middle East, India and South East Asia region (market worth over USD 2.5 Bn)
Symplfy.ai has developed comprehensive risk assessment platform covering assets such as motor, commercial property, marine, cyber. The platform is unique in that it brings diverse data (images, video, drone, IOT sensors and third party data) and diverse AI technologies ( Computer Vision, Generative AI and ML algorithms) together in one platform and delivers curated insights for underwriters, risk engineers and claims community in the insurance industry.
Symplfy.ai is currently revenue generating and is working with clients across 4 countries (India, UAE, Oman and Egypt). Symplfy has registered and onboarded over 70 users across 20 insurers and brokers.
Symplfy.ai is a proud Winner of the MENA Insurtech Competition in 2023 in the Early Stage category and selected to be part of the Qatar Development Bank Accelerator program in 2023.
Product Demo Video – Click Here
Business Model
Team
Founding team has a very strong financial services domain knowledge and experience – critical success factor to address the commercial insurance risk proposition.
CEO have over 30 years of banking and bancassurance experience across leading organisations such as HSBC, Mashreqbank, Etisalat, Zubair Corporation and across Middle East, USA, South East Asia and India.
Co-founder has over 35 years of experience in the core Insurance domain having worked in global insurers such as RSA, AIG, Chartis. He also was the founding team that helped setup Royal Sundaram in India.
Symplfy also has a strong advisory team of top experts and professionals in Computer Vision AI, Risk Engineering, Marine & Logistics, Cyber Security.
Current Business / Market Opportunities / Traction
B2B : Risk assessment solutions and risk insights to the general insurers, brokers, third part risk management companies, claim adjusters and Corporates.
B2B2B: Niche modules as API bolt on to Enterprise Underwriting and Claims management solution providers.
Symplfy has 3 contracted and paying Insurers in India and Oman. Over 70 risk engineers and insurers across 20 insurers and brokers registered on Symplfy’s risk platform as pilot clients.
Symplfy has 2 channel partners one each in Oman and Egypt. In discussions to sign up channel partners for KSA, Bahrain and Qatar in Q3 2024.
Revenue streams built on the overall Risk Platform – Risk Chatbots using generative AI, Commercial property risk assessments for Claims and Underwriting, Risk improvement Modules, Live streaming module, IOT platform integration.