53.7 F
San Diego
Thursday, Mar 28, 2024
-Advertisement-

Yembo Raises $8.5 Million Series A

Yembo, a software startup that uses deep learning technology to inventory items, has completed a $8.5 million Series A round to expand its reach into new industries.
The round was led by Imagen Capital Partners, a Seattle-area investment firm. The funding will be used to develop and leverage current technology to support the insurance industry as well as the moving and relocation sector.
“Yembo’s technology is well-timed to extend the reach of the insurance carrier,” said Chris Barrow, general partner of Imagen Capital. “We believe the market will continue to seek cutting-edge solutions focused on efficient interior claims processing, while also underwriting decisioning and Yembo’s current technology can seamlessly shift to support these carrier demands.”


100 Companies Using Tool
Founded in 2016, Yembo was started by Siddharth Mohan and Zach Rattner, both of whom were former engineers in Qualcomm’s innovation department, specializing in writing code for artificial intelligence.
Yembo’s computer vision technology can inventory the items in a room that need to be moved, providing a quote from moving companies within minutes.
“The Series A financing builds on an exceptional year for the company,” said Siddharth Mohan, co-founder and chief executive officer of Yembo. The firm saw its AI app surged in demand during 2020, as more and more companies saw a need for a remote surveying tool.
The startup has roughly 100 moving companies using its tool. It also added several key executive and senior technology leaders to its team, it currently employs 28 people at its Sorrento Valley headquarters.

 
Entering Insurance Market
“As we continue to advance the digital transformation of the moving and relocation industry we’re just scratching the surface of how powerful our visual AI survey technology can be. The adaptation of our solutions across the insurance ecosystem makes perfect sense,” said Mohan. “Having the financial support and expertise of the Imagen team will help us execute this vision more rapidly and broadly — and with the benefit of experience, perspective and relationships of a leading tech investor and former Insurtech operators.”

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-