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Zelros raises $11M to continue to develop its artificial intelligence platform and accelerate its international expansion

#Startup

Zelros, a startup and alumnus of the Swave innovation fintech platform at Paris&Co, announces $11M in Series A financing from the Silicon Valley BGV-based fund, with the participation of ISAI Cap Venture, Plug and Play, Hi Inov, 42CAP and astorya.vc.

 

Launched in 2016, Zelros has developed an artificial intelligence platform that offers insurers, bancassurers and policyholders a more efficient, fluid and personalized way to distribute and receive products and services. The platform continuously learns, adapts and improves its capabilities in real time, providing advisors and insurance agents with a streamlined, semi-automated experience from the discovery of product/service needs through advice and sales to underwriting. It also enables insurers to offer fully automated underwriting options directly to their policyholders. "We want to give historical players in the ecosystem the means to become cutting-edge companies," commented Christophe Bourguignat, CEO of Zelros. The insurtech proposes to go even further with a new functionality, currently under development, to understand the evolution of the model and detect discriminating biases - age, socio-professional category...currently being developed.

 

This new round of financing will enable Zelros to strengthen its activities in Europe but also accelerate its international development, particularly in North American markets. The French startup plans to launch in North America and inaugurate its North American headquarters in Montreal in the third quarter of 2021. The fintech is giving itself a few months to better understand the North American market before addressing a specific segment. "Digital transformation is fundamentally changing the way companies operate, and with assurtechs reaching a record $7.1 billion in financing in 2020, the insurance industry is no exception," said Christophe Bourguignat, co-founder and CEO of Zelros.

 

This round of financing follows a previous round of $5.5 million in 2018, when Zelros expanded its operations in three countries and strengthened its teams to reach 50 employees. Today the company works with 15 of the leading insurance providers in Europe, including BPCE, AXA, Crédit Agricole, MAIF, La Banque Postale, AssurOne, +Simple, in the fields of property, casualty and life insurance. "We also work closely with insurance regulators to promote the use of fair and transparent AI," said Christophe Bourguignat. "Zelros is using AI to improve traditional insurance industry standards and offer its customers immediate business value and return on investment. Their solution enables insurance professionals to be more efficient and easily integrates into existing workflows while ensuring transparency of the final recommendation. This is exactly what we are looking for in the Enterprise 4.0 startups we invest in," said Eric Buatois, General Partner of BGV. "At BGV, our expertise lies in finding the best startups in hubs outside the valley and helping them grow globally. We are delighted to work with Zelros to expand their business in Europe, North America and beyond".

 

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