Zelros raises €4 million
Zelros raises €4 million in a first round of fundraising, boosting the rollout of its artificial intelligence (AI) technology for insurers.
Less than three years after its creation, Zelros has raised €4 million, becoming the market leader in AI-first Insurance. Zelros already provides its AI technology in production for leading insurers and, with triple-digit annual growth, the Paris-based startup has announced that it has attracted investment from the French and European venture capital firms Hi Inov, 42CAP and astorya.vc.
Zelros was founded in 2016 by Christophe Bourguignat (CEO), Fabien Vauchelles (CTO) and Damien Philippon (COO), three serial entrepreneurs who are experts in Data, Machine Learning and Digital.
Zelros’ AI solution covers two critical processes for insurers:
- Augmented sales: assisting advisors in better serving their customers by offering bespoke products in a demanding regulatory environment (French Law №2014–344 on consumer rights, referred to as the “Loi Hamon”, the Bourquin amendment, and the IDD);
- Claims automation: facilitating the lives of claims managers by reducing processing times.
Zelros’ technology is seamlessly integrated into employees’ working environment and acts as a “virtual assistant” providing real-time, transparent advices to enhance decision-making. The assistant is continuously updated with industry scores and predictive data, calculated on a secure Machine Learning platform.
“We are convinced that AI and Machine Learning will radically change the insurance profession: creating new products, and affecting distribution, underwriting, claims management and risk. Insurers that are quick to adopt these technologies will have a head start on competition, by being equipped to provide higher added-value services to customers. Thanks to our technology, Zelros can provide innovative solutions to insurers’ highly strategic challenges.” Christophe Bourguignat, co-founder and CEO.
“Zelros’ strength lies in its artificial intelligence-based software solutions, which support insurer digitalisation, while involving employees in the process. We are delighted to be working with this experienced team, which has demonstrated its ability to serve key players in the insurance market” added Valère Rames, Partner at Hi Inov, Thomas Wilke, Partner at 42CAP and Florian Graillot, Partner at astorya.vc.
From France to Europe
After 18 months of research and development (R&D), Zelros has been marketing its technology for one year, and already serves leading French companies such as CNP Assurances, Natixis Assurances, Cbp, and MAIF.
Zelros aims to use the proceeds from the first round of fundraising to significantly increase the size of its R&D and Operation teams, build a sales team, and expand across Europe.
Zelros, a recognised player in the AI community in France
Hosted at Station F, as part of the prestigious Microsoft AI Factory, Zelros has become a key player in the French AI ecosystem: founding member of Hub France IA, and co-organiser with FrenchData of the annual event “Top French Data Scientist” (Le Meilleur Data Scientist de France).
About Hi inov
Founded in 2012 by Pierre-Henri Dentressangle (Chairman) and Valérie Gombart (CEO), Hi inov SAS is the venture capital arm of Dentressangle family’s holding company. Managing €160m of capital from Corporates and entrepreneurs, Hi inov targets young innovative companies in the digital BtoB economy, specially in the areas of e-services, mobile Internet and IoT, point-of-sale and data technologies, and SaaS software dedicated to the digitalization of companies. Hi inov also manages SNCF Digital Ventures, a corporate fund intended to invest in startups that accelerate the group’s digital transformation.
42CAP invests in seed-stage technology-driven companies across Europe with global ambition. The team behind 42CAP built with eCircle one of Europe’s largest SaaS companies with $50m in revenues, and sold the profitable company in 2012 to Teradata (NYSE:TDC). They work as peers amongst entrepreneurs sharing their fundamental values: Conviction for technology- and data-driven sustainable business models and a true passion for entrepreneurship.
Astorya.vc invests in tech startups to build the next insurance generation. Leveraging its own sourcing technology astorya.vc identifies promising startups, structures their growth through its extended network of mentors, and develops new business opportunities with its insurance investors.
Raised from insurance players, astorya.vc is the first early-stage investor in Europe, focused only on the insurance industry.