Chicago, Illinois-based Honeycomb, a digital insurer, has secured $36 million in Series B investment.
Investors
- Zeev Ventures
- Ibex Investors
- Phoenix Insurance
- IT-Farm
- Arkin Holdings
- Launchbay Capital
Use of funds
The business plans to utilize the money to develop AI-powered insurance products more quickly and to enter new insurance markets.
With operations in sixteen states and a market share of over 60%, Honeycomb now serves clients in sixteen states, including:
- California
- Texas
- Georgia
- North Carolina
- Ohio
- Pennsylvania
- Massachusetts
- Virginia
- Tel Aviv, Israel
- It already covers real estate assets valued over $21 billion, and in the upcoming year, it hopes to quadruple that amount.
About Honeycomb
Under the CEOship of Itai Ben-Zakan, Honeycomb provides P&C insurance for condo associations and landlords in the United States. The firm provides value to its clients and agents by precisely and instantly underwriting risks through the integration of computer vision and artificial intelligence with street-level photos and aerial images.
“We plan to expand into new insurance markets and deepen our technological advantage with proprietary AI models leveraging unique first-party data, turning Honeycomb into a one-stop shop for everything related to commercial real-estate insurance in the U.S.”
Itai Ben-Zakan
