The business intends to continue product development, support organizational growth, and drive market expansion with the additional funds.

Leading the fundraising round was Harbert Growth Partners, with participation from MissionOG, Liberty Mutual Strategic Ventures, and Vestigo Ventures, all of which are already investors.

The firm specializes in automating data processes for insurers and is well-known for its InsurGPTTM and Digital Coworker technologies.

The platform from Roots Automation tackles the problem of unstructured data in the insurance sector, which accounts for 80% of the data produced by day-to-day activities including filings, court orders, and medical information.

The industry has been losing $100 billion a year as a result of underpriced premiums, fraud, and overpayment of claims caused by the ineffective use of this data.

This unstructured data can be transformed into meaningful insights with the use of Roots Automation's patented AI model, InsurGPTTM, and Digital Coworker, facilitating quicker and more precise decision-making.

With its services used by 35 US-based insurance companies, the New York-based company has already had a major influence in the insurance industry.

The business's artificial intelligence (AI) solutions have reduced processing times for a commercial P&C and workers' compensation carrier by 97% and produced a 99% accuracy rate on data extraction for a regional property and casualty (P&C) insurer.

Additional accomplishments include an 85% improvement in a third-party claims administrator's capacity to handle claims and a 90% decrease in errors in premium calculations for a commercial auto insurance.

"Six years ago, Roots set out to solve the unstructured data problem that insurers, third-party administrators (TPAs), brokers, and agents all face," said Chaz Perera, co-founder and CEO of Roots Automation, in response to the report. Today's leading insurance businesses are able to flourish in their markets and focus on what truly matters—delighting clients with excellent service and superior care—by relieving their teams of manual processes.

"The Roots leadership team brings over 100 years of deep insurance industry and AI expertise, ensuring solutions and products are designed to meet the specific needs of insurance organizations," said Brian Carney, general partner of Harbert Growth Partners. The positive customer feedback that Roots provided and the confirmation of the value that it delivered for its entire client base really pleased us. We're thrilled about the chance to support Roots with further funding and advice as they tackle more challenging problems in the insurance industry.

"The advantage of Roots' team's experience in and focus on the insurance industry is that we are already speaking the same language," said Ned Rand, CEO of ProAssurance Group. This implies that during the solution development lifecycle, we may swiftly agree on the business requirements and goals. Executives from Eastern Alliance, our workers' compensation company, and the life sciences and medical technology division are now looking to Roots for possible implementations after witnessing the success of a Digital Coworker there.