California-Based Outmarket AI Raises $34.5M in Series B Funding

Outmarket AI, a San Francisco, CA-based provider of an AI platform for insurance, has raised $34.5 million in a Series B funding round led by SignalFire, bringing total funding to $56.5 million.

The round also saw participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.

What is Outmarket AI?

Outmarket AI provides an AI platform that helps insurance agencies automate complex and time-consuming workflows.

The platform connects directly to agency management systems (AMS) and supports processes across commercial, employee benefits, personal lines, and specialty insurance.

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Outmarket helps agencies reduce manual work, identify policy gaps, manage renewals, generate proposals, and work with fragmented insurance data through a unified platform.

The company is also expanding its technology to help insurance carriers, with plans to begin extending its capabilities to carriers later this year.

How Much Funding Has Outmarket AI Raised?

Outmarket AI has raised $34.5 million in its latest Series B round.

The funding brings the company’s total funding raised to $56.5 million.

The company said it raised the Series B earlier than planned because of its rapid growth and market adoption.

Who Invested in Outmarket AI’s Series B Round?

The Series B round was led by SignalFire.

Other participating investors included:

• Fika Ventures
• Permanent Capital Ventures
• TTV Capital
• Dash Fund

Why the Funding Matters

Outmarket plans to use the funding to support its continued growth and expand its platform as adoption increases among insurance agencies.

The company is also expanding its product capabilities, including workflows for certificates of insurance, loss run analysis, employee benefits, and insurance data intelligence.

Its new Certificates workflow automates the process of reviewing contracts or leases, checking insurance requirements against policies, identifying gaps, and generating ACORD certificates.

Who founded Outmarket AI?

Outmarket AI was founded in 2023 by Vishal Sankhla and Anshu Jain.

The company is headquartered in San Francisco, California.

Market and Business Growth

Outmarket has surpassed 10,000 active users and now serves more than 300 agencies and customers.

More than 25% of the Top 100 insurance agencies use the platform, according to the company.

Customers use Outmarket to automate insurance workflows and reduce manual work. The company has also expanded its team across engineering, insurance operations, and customer success.

Outmarket recently launched an AI-powered loss run extraction and analysis tool, along with employee benefits capabilities and a unified data intelligence platform.

What Happens Next?

Outmarket plans to continue expanding its platform and supporting its growing customer base.

The company will also extend its capabilities to insurance carriers later this year, with the goal of enabling information to move between agencies and carriers with fewer manual processes.

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