Early-stage fund Faad Network announced the investment in InsurStaq.ai, a GenAI InsurTech startup. This investment comes as part of Faad Accelarator Labs 'FinShastra' which is fintech focused cohort and aims to support and nurture innovative start-ups in the financial technology sector.
InsurStaq.ai, recognised as a promising AI start-up by Matrix Partners was founded in 2022 by Shivam Kaushik and Mayan Kansal, former engineering batchmates with experience in multiple startups. The company is currently focused on developing InsurGPT, a specialised Large Language Model (LLM) tailored for the insurance industry, and it is conducting beta testing of its products with a select group of several hundred early adopters.
"We're elated to join InsurStaq on its journey through this investment. It's a key driver for InsurStaq's mission to revolutionise the insurance industry in India through its innovative tech enabled solutions. It perfectly aligns with our vision of supporting groundbreaking start-ups like InsurStaq that are reshaping the industry landscape.” said Aditya Arora, CEO of FAAD Network.
The primary objectives for utilising the funds include augmenting the founding team and building industry-first GenAI solutions.
"The mentorship and unwavering support we have received throughout our participation in the accelerator program have been invaluable," said Mayan Kansal, co-founder and CEO of InsurStaq.ai. "The injection of capital will be crucial in speeding up our mission to implement Generative AI solutions across the entire value chain of the insurance industry. We are committed to delivering value to all stakeholders within the insurance ecosystem."
The company aims to reach 10K+ customers by the end of this year. They plan to utilise the capital to develop a comprehensive suite of B2C, B2B, and B2B2C solutions tailored specifically for the insurance sector. By leveraging this funding, InsurStaq.ai aims to create innovative and impactful offerings that address the unique needs of insurance businesses, thereby driving growth and success in the industry.
FAAD Network is a CAT-1 SEBI registered AIF that invests in early-stage start-ups across various sectors and geographies. With 2000+ Angels, HNIs, and VCs, FAAD has invested in over 75+ startups, with follow-on rounds in more than 55 per cent of its portfolio companies.
InsurStaq.ai is an early-stage insurtech start-up, leveraging generative AI technology to develop solutions for the insurance sector. With a focus on simplifying user journeys and enhancing knowledge transparency throughout the insurance value chain, InsurStaq.ai is utilising Large Language Models (LLMs).