ZestyAI, a provider of artificial intelligence-based risk analytics for the property and casualty (P&C) insurance sector, has secured a $15 million credit facility from CIBC Innovation Banking.
The funding is expected to support the company’s continued growth as it expands the use of its climate and property risk models across the insurance market.
The financing is intended to strengthen ZestyAI’s balance sheet and provide flexibility as the company scales its operations. According to ZestyAI, it delivered over 31 million property risk assessments in 2024 and expects to exceed 46 million assessments in 2025.
“As demand for property-level risk insights continues to grow, this additional capital enables us to invest in supporting that growth and strengthening our position in the market,” said Attila Toth, founder and CEO of ZestyAI.
The company’s platform is currently used by a range of insurance market participants, including admitted carriers, managing general agents (MGAs), excess and surplus (E&S) providers, FAIR Plans, and public-private partnerships. Over the past year, ZestyAI signed 26 new clients and expanded its relationship with seven existing customers. It also introduced four new products.
The firm has also made regulatory progress. Its AI-based models for wildfire, severe convective storms, and non-weather water damage have now been approved in more than 50 regulatory filings across the United States. Recent approvals include filings in Texas, Colorado, Ohio, Georgia, Connecticut, Michigan, North Carolina, Louisiana, and Oklahoma.
In California, the company’s Z-FIRE wildfire model was recently reviewed by the Department of Insurance and has been cleared for continued use in underwriting and rate segmentation under the state’s Pre-Application Required Information Determination (PRID) process.
ZestyAI’s platform combines property data, climate science, and machine learning to deliver parcel-level risk insights. According to the company, its models supported insurers in 2024 in extending coverage to more than 511,000 properties previously deemed uninsurable.
