Outmarket raises $34.5M Series B for insurance AI

Outmarket, an AI startup automating paperwork for insurance brokers, has raised a $34.5 million Series B led by SignalFire just four months after its $17 million Series A. The round values the company at $335 million. Founded in late 2023 by former Ethos product lead Vishal Sankhla, Outmarket targets commercial insurance, where brokers navigate over 250 coverage types with highly manual processes. The startup has signed over 300 agencies, including 25% of the top 100, since launching its product 14 months ago. Competitors include Fulcrum AI and FurtherAI.