Cameron Duncan, co-founder and CEO of Axle, stated to TechCrunch that the company has developed a universal API for insurance data and is adopting a “Plaid for insurance” strategy.
The company saw double-digit customer and revenue growth after its launch a year ago, and it has expanded its carrier network to over a hundred carriers. Axle currently has USD 4 million in seed money. Gradient Ventures served as the lead investor in the round, which also included participation from existing investor Y Combinator, Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, and a number of angel investors, including members of the Plaid founding team and former Cox Automotive executives.
The co-founders plan to use the additional funding to increase hiring, broaden carrier coverage, and add new markets and use cases.
Read more: Gradient Ventures backs Axle’s ‘Plaid for insurance’ approach to data verification
