• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Sponsored Post
    • Make a Contribution
  • Market Reports
  • Technologies
    • Technology Events
    • Startup Jobs
  • Domain Names for Startups
  • About
    • How to raise venture capital
    • How to raise seed funding from angel investors
    • How private equity and venture capital firms operate
    • What is the difference between private equity and VC funding?
    • What technology trends are considered hot among VC firms?
    • What is elevator pitch?
    • What is startup burn rate?
    • Does failure to launch a startup spell the end of the entrepreneur’s ambitions?
    • How to avoid pitfalls in founding a startup
    • Why do startups fail?
    • What are the traits of successful startup founder?
    • What are startup vanity metrics?
    • Why investing in the next generation of women and diverse entrepreneurs is a crucial part to the success of the tech infrastructure
    • Where are VCs seeing opportunity
    • How do startup valuations work?
    • What is startup accelerator?
    • How to scale an early-stage startup team, how much to pay and how to distribute equity
    • Don’t mix business with friendship: when it comes to building a founding team for a startup, this adage may not always apply
    • What is a social unicorn?
    • Secure Your Startup’s Future: The Importance of Succession Planning
  • Contact

Roots Automation Raises $10 Million Series A Round to Accelerate Growth

November 1, 2022 By admin Leave a Comment

Transforms operations for leading insurance brands with AI and machine learning technology; brings an integrated, holistic approach to automation that aligns with insurers’ human workforce

NEW YORK, Nov. 1, 2022 – Roots Automation, creator of advanced, intelligent Digital Coworkers for the insurance industry, today announced the closing of $10 million in a Series A round of funding. MissionOG led the round, supported by Liberty Mutual Strategic Ventures, Vestigo Ventures and CRV.

Roots Automation has established a new category in business process automation. The company’s Digital Coworker leverages AI and machine learning to improve insurance operations, empowering insurance carriers to improve margins and increase operational efficiency. An alternative to robotic process automation (RPA) technology, which has fallen short of its promise to automate tasks in unstructured environments, Roots Automation’s Digital Coworker ingests and analyzes both structured and unstructured data to work seamlessly with a company’s human workforce – addressing a $100+ billion market opportunity to improve insurance operations through automation and AI.

Roots Automation has seen massive customer growth since announcing its seed funding in October 2020, largely from leading insurance brands for which RPA has failed. Its Digital Coworker improves claims management efficiency, which represents a $67 billion market opportunity with P&C US carriers alone; and improves the average 8% premium leakage seen by the standard P&C insurer – or roughly $57 billion annually.

“AI and machine learning are the key in enabling effective automation,” said Chaz Perera, co-founder and CEO, Roots Automation. “Our latest capital represents a major milestone in our mission to make work more human. It will fuel product development and market expansion so we can further support insurers that are dealing with increased margin pressure and declining operational efficiency. In 100% of the deals we win, the customer has considered or already purchased RPA and instead gone with a Digital Coworker, lessening their dependence on employees at a time when keeping their workforce happy and engaged is most critical.”

According to the “State of Operations and Outsourcing” report by HfS Research, supported by KPMG, 44% of Global 2000 enterprises are dissatisfied buyers of RPA. By contrast, Digital Coworkers focus on ensuring harmony in the employee/digital coworker ecosystem, handling automated tasks while freeing an insurer’s human workforce to do customer-focused, meaningful work, increasing job satisfaction. This new paradigm comes at a critical time for the historically slow-to-innovate insurance market, which is struggling to fill jobs and retain workers in a talent crisis, and amid rising costs. Digital Coworkers increase companies’ agility and ability to exceed customer expectations, without requiring them to substantially rethink the way they work. This leads to a happier workforce while maximizing revenue.

“We are excited to provide expansion capital to Roots Automation, as they are solving some of the biggest problems facing insurance companies,” said George Krautzel, managing partner of MissionOG. “Roots’ founding team’s DNA in insurance has guided them to build a vertical solution to provide value and scale where horizontal RPA solutions have not succeeded. Their Digital Coworkers offer a positive experience for customers and human employees alike, while managing day-to-day insurance business proceeds. We look forward to seeing the Roots team expand their value to customers and build on their leadership position within their industry.”

“Roots Automation has helped American Exchange automate and improve a lot of our internal data validation and data entry processes,” said Andrew Hetzler, CEO of American Exchange. “This has both reduced our workload and has reduced human data entry error to almost zero. The best part is that our process with Roots Automation has allowed our agents to do what they do best, and that is talk to people and help them with their individual and Medicare health insurance decisions.”

About Roots Automation
Roots Automation combines machine intelligence and human ingenuity to create intelligent Digital Coworkers, providing organizations with AI-powered, digitized employees that can think, read and intuit like people. Digital Coworkers are pre-trained to understand and interact with documents, systems and processes commonly found in insurance, healthcare and banking. They are always on, ultra-secure and deliver ROI from day one – freeing a human workforce of inefficient, soul-destroying work, increasing their productivity and job satisfaction. Roots Automation is based in New York and was founded in 2018. For more information, visit https://www.rootsautomation.com/.

About MissionOG
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. MissionOG is headquartered in Philadelphia. For more information visit https://missionog.com/.

SOURCE Roots Automation Inc

Filed Under: News Tagged With: automation, insurance, insurtech

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

AI reality vs. myth: predictions for 2024
Cloudflare is introducing the concept of the “connectivity cloud”
Robotic Revolution: Japan’s Surging Industrial Robot Market and China’s Dominance
China’s Poaching of Water Technologies from the West: A Serious Concern
Market Scenario of China Banning Exports of Rare Earth Materials and Electric Batteries
Navigating Markets through a 4-Dimensional Research Data Model
A Markov Chain-Based Approach for Forecasting Emerging Technologies: An Extended Analysis

Market Research Media

The Evolution of RSS Feeds: A Media Analyst’s Perspective
AI-Enhanced 4-Dimensional Market Dynamics Analysis: Unveiling Trends, Segmentation, Behavior, and Evolution through Markov Chain Modeling
Autotutoring Market: Personalized Learning and Technological Innovation at the Forefront
Integration of Generative AI and Large Language Models for Enterprises
The Decline of Chinese Media Under Authoritarian Rule: Economic Implications
Algorithmic Bias in Media Recommendation Systems: Unveiling Challenges and Pursuing Fairness
U.S. Federal IT Market Forecast

Secondary Sidebar

Technologies

Apple has announced the winners of the 2023 App Store® Awards
Aalyria and Airbus Collaborate on High-Speed Aerial and Spaceborne Networks
Entrepreneurship Program at Argonne National Laboratory Opens Applications for Startups
Toyota is nearing mass production of solid-state batteries
Cloudflare and Meta Partner to Democratize Access to Llama 2 Open Source Large Language Model (LLM)

Tech Events

Smart City Expo 2023 Reshapes Urban Futures with Unprecedented Participation and Innovation Showcase
SAP SBN User Conference is taking place on October 17-18, 2023 in Oslo, Norway
2023 European Conference on Optical Communication (ECOC) in Glasgow, Scotland, October 2-4, 2023
Bloomberg Technology Summit, October 24t, 2023, London
Imagine 2023, Edge AI Conference, September 27, 2023, Computer History Museum, Mountain View, California

Footer

Recent Posts

  • Silverflow Secures €15 Million Investment to Revolutionize Global Payment Processing
  • Myrror Security, an Israeli company specializing in application security for organizations using open-source packages, has officially launched with $6 million in seed funding
  • Iron Nation Launches Volunteer Emergency Impact Fund to Support Israeli Start-ups Affected by Recent Conflict
  • UnitX, a robotics company specializing in AI vision systems, secures $5 Million
  • UserEvidence, a customer voice platform, secured $9 million in Series A funding
  • Cisco’s $28 Billion Splunk Deal Could Ignite Wave of Software Acquisitions
  • Techstars and The Ohio State University Partner to Boost Software Startups in Columbus
  • Atlys Secures $12M to Revolutionize Visa Processing and Travel Experience
  • Afterparty Raises $5 Million Funding to Revolutionize Creator-Fan Interactions with Afterparty AI
  • Elevator Pitch: BornIntoLuxury.com (Born Into Luxury)

Dossier

Recommendatory.com
Playscript.org: A Comprehensive Repository for Theatre Scripts and Resources
Argil.org: Craft Any Application with Clay-Like Flexibility
Westophobia.com
Preconfiguration.com

Press Media Release

We stand by Israel
How to do PR on a budget
Editorial: The Yom Kippur War and its lessons for today
Navigating the New Media Landscape: From Print to Pixels
Analysis 2023

App Coding

Cloudflare Empowers Developers with Full-Stack AI Applications on its Global Network
Building a simple SMS (Short Message Service) application using SQLite and jQuery
Rust for Mobile Apps
Comparison of Design Principles: Mobile Apps vs. Desktop Software
Viral App Ideas to Code for Massive User Engagement

API Coding

Building a Cloudflare-Powered News Republishing API
API Coding Opportunities in Headless Web Publishing
AI-Enhanced API Gateway
Building Powerful APIs for Gaming
Building an API Server to Harness the Power of Large Language Models

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT