Dallas’ 5IR Funds Backs $6.5M Round for AI-Powered Insurance Startup HOOTL
Dallas-based 5IR Funds lead a โ$6.5 million Series A โขfunding round for HOOTL, a Virginia-based startup leveraging โartificial intelligence โขto streamline insurance processing. The investment will fuel HOOTL’s expansion and further advancement of its AI โplatform designed to โขautomate tasks for โinsurance carriers, brokers, and MGAs.
The โขfunding underscores growing investor confidence in AI solutions poised to disrupt โthe traditionally complex and manual โขinsurance โคindustry.โ HOOTL’s technologyโ addresses โฃcritical pain points-reducing operational costs, accelerating claim processing, and improving overall customer experience-for a sector facingโ increasing pressure to innovate. This round positions HOOTLโ for rapid growth as demand for AI-drivenโข automation in insurance continues to surge.
HOOTL’s platform utilizes โขAI to automate โkey processes like data extraction, policy checking, and claims review, considerably reducing the time and resources required for these tasks. According to the company, its solution โคcan cut processing โฃtimes byโ up to 70% and reduce errors.
“We’re thrilled to partner with 5IR Funds on this next โคphaseโ of growth,” saidโฃ HOOTLโ CEO, Rob Wray. “Their deep understanding of the insurance landscape and commitment โคto innovation make them anโข ideal partner as we scale our platform and deliver transformative value to the industry.”
5IR Funds Managing Partner, Dr. Clay Height,โข stated the firm was โimpressed by โขHOOTL’s technology โand its potential to โreshape insurance operations. “HOOTL โฃis at โคthe โforefront of applying AI to solve โreal-world problems in the insurance industry,” โHeight said. “We believe theirโค platform will become essential for โcarriers looking to improve efficiency and โขdeliver โa better experience for their customers.”
The Series A round also โฃincluded โparticipation from existingโค investors. HOOTL plans to use the new capital to expand its engineering and sales teams, and to further enhance its โคAIโ capabilities.