Israel-based maritime risk analytics startup Windward has raised $16.5m in a Series C funding round in order to further expand its marine insurance portfolio.
The company intends to use the fund to recruit new personnel and expand its office in London, UK.
The funding round was led by insurance technology-focused venture capital fund XL Innovate and also saw participation from Windward’s existing investors, including Horizons Ventures and Aleph, as well as Salesforce chairman and CEO Marc Benioff and other individuals.
XL Innovate managing partner Tom Hutton is set to become a board director at Windward as part of the development.
The latest financing round brings the total amount of funding raised by the company to $38.9m to date.
Hutton said: “Today, Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally, and now expanding into insurance.
“We look forward to supporting Windward further, with our new equity investment complementing our existing commitment of time and resources.”
Windward’s insurance portfolio is designed to continuously monitor and evaluate the functions of ships, including navigation, operation in both normal and rough weather conditions, and manoeuvring at ports.
The company subsequently uses this vessel operating and behavioural information to predict the likelihood of a ship having an accident in the coming years.
Windward’s proprietary data and machine learning algorithms have been developed to integrate into insurers’ technical pricing models in order to facilitate improved underwriting decisions and increased profit.