Yembo Secures $8.5 Million Series A Financing Round Led by Imagen Capital Partners
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AI visual survey company driving the digitization of the moving and relocation industry to aggressively extend technology and product capabilities towards the insurance sector
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SAN DIEGO, April 21, 2021 /PRNewswire/ -- Yembo, the Artificial Intelligence (AI) enabled visual survey company that combines advanced deep learning, 3D computer vision, robotic algorithms with a scalable architecture today announced it has completed a $8.5 million Series A round of financing led by Imagen Capital Partners. The company will utilize the proceeds to further advance its efforts towards the moving and relocation sector, while also aggressively developing and leveraging current technology to support the insurance industry with specific focus towards interior claims processing and underwriting applications. Imagen Capital Partners General Partners Chris Barrow and John Polchin (both former EagleView Technology executives) will join Yembo's Board of Directors, serving alongside continuing director Steven R. Altman, former President and Vice Chairman of Qualcomm.
The Series A financing builds on an exceptional year for Yembo which witnessed a rapidly growing roster of customers, key executive and senior technology appointments, and market momentum for their advanced deep learning solutions – which understands video content as humans do.
"Yembo's technology offerings are well-timed given the ever-increasing demand for desk adjusting solutions that extend the reach of the insurance carrier to the policyholder," said Chris Barrow, General Partner with Imagen Capital Partners. "We believe the market will continue to seek cutting-edge solutions focused on efficient interior claims processing, while also underwriting decisioning and Yembo's current technology can seamlessly shift to support these carrier demands. The company's vast domain expertise within the field of 3D computer vision and cloud computing has already deployed a powerful solution for the moving and relocation market, and we are excited to collaborate with and support the team as they extend their business model across the insurance sector."
Yembo's platform utilizes machine learning and predictive modeling which transforms the surveying process by accurately defining rooms, furniture, appliances, structures and other relevant content, as well as their volume and dimensions. At the heart of Yembo's patented technology are robotic algorithms – delivering web-based, ISO 27001 compliant offerings, which provide instantaneous video processing with AI at enterprise scale.
"As we continue to advance the digital transformation of the moving and relocation industry we're just scratching the surface of how powerful our visual AI survey technology can be. The adaptation of our solutions across the insurance ecosystem makes perfect sense," said Yembo Chief Executive Officer Sid Mohan. "Having the financial support and expertise of the Imagen team will help us execute this vision more rapidly and broadly – and with the benefit of experience, perspective and relationships of a leading tech investor and former Insurtech operators."
About YemboFounded in 2016, Yembo was started by Siddharth (Sid) Mohan and Zach Rattner after spending over a decade at Qualcomm developing algorithms and software technologies that power 4G wireless and artificial intelligence (AI) on over a billion smartphones today. Yembo's mission is to combine advances in AI with a new generation of software services to deliver unparalleled visual survey technologies, resulting in streamlined operations and a higher quality experience for consumers - from beginning to end.
To learn more about Yembo, visit https://yembo.ai
About Imagen Capital PartnersImagen Capital Partners is a Seattle-based venture firm focused on investments in software/SaaS, data analytics and technology-enabled concerns. Imagen seeks to create collaborative relationships with entrepreneurs beyond the investment process to innovate, challenge and transform the dynamics of new and existing enterprise markets.
For more information, visit www.imagencap.com
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SOURCE Yembo, Inc.
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