Axle Secures $4m Led by Gradient Ventures to Reinvent Insurance Verification

Axle, the leading universal API for insurance data, raised $4m in seed funding led by Gradient Ventures, Google’s AI-focused venture fund. The round also included continued investment from Y Combinator and participation from Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, and industry angels including members of the founding team of Plaid and former executives from Cox Automotive.

Over $13B is lost each year from uninsured motorists and mortgages and auto loans are prohibitively expensive for many borrowers. Why? Because many third-parties are missing access to real-time insurance data, leaving no way of accurately assessing risk at scale. Axle bridges the gap between insurance and parallel industries, whereas most insurtechs solve for distribution or administration.

“Insurance loss frequently tops the P&L for high-risk organizations like rental car companies, lenders, and gig services, yet today they rely on paper and lengthy phone calls to verify information,” said Armaan Sikand, COO and Co-Founder of Axle. “Axle automates this process through a universal API for insurance data, enabling our customers to make decisions in seconds.”

“Axle’s innovative approach to insurance and commitment to a personalized customer experience has demonstrated early traction and validates their potential to make a significant impact in the market,” said Wen-wen Lam, Partner at Gradient Ventures. “We look forward to supporting the team and their mission to democratize access to insurance data.”

In less than a year since launching, Axle has grown their carrier network to hundreds of carriers. “Building a robust and accurate platform around unstructured data has its unique challenges, but we’re excited to leverage the latest tools to offer leading accuracy and reliability,” said Nihar Parikh, Co-Founder and CTO of Axle.

Customers can get started with Axle’s developer-friendly API or no-code dashboard.

“Fundraising in this environment is a competitive process. We were fortunate to find investors with deep technical and market expertise,” said Cameron Duncan, Co-Founder and CEO of Axle. “We’re excited to work with them to service demand from our fast-growing list of customers, strengthen our carrier network, and expand into new markets.”