Dallas’ 5IR Funds Backs $6.5M Round for AI-Powered Insurance Startup HOOTL
Dallas-based 5IR Funds lead a $6.5 million Series A funding round for HOOTL, a Virginia-based startup leveraging artificial intelligence to streamline insurance processing. The investment will fuel HOOTL’s expansion and further advancement of its AI platform designed to automate tasks for insurance carriers, brokers, and MGAs.
The funding underscores growing investor confidence in AI solutions poised to disrupt the traditionally complex and manual insurance industry. HOOTL’s technology addresses critical pain points-reducing operational costs, accelerating claim processing, and improving overall customer experience-for a sector facing increasing pressure to innovate. This round positions HOOTL for rapid growth as demand for AI-driven automation in insurance continues to surge.
HOOTL’s platform utilizes AI to automate key 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 can cut processing times by up to 70% and reduce errors.
“We’re thrilled to partner with 5IR Funds on this next phase of growth,” said HOOTL CEO, Rob Wray. “Their deep understanding of the insurance landscape and commitment to innovation make them an ideal partner as we scale our platform and deliver transformative value to the industry.”
5IR Funds Managing Partner, Dr. Clay Height, stated the firm was impressed by HOOTL’s technology and its potential to reshape insurance operations. “HOOTL is at the forefront of applying AI to solve real-world problems in the insurance industry,” Height said. “We believe their platform will become essential for carriers looking to improve efficiency and deliver a better experience for their customers.”
The Series A round also included participation from existing investors. HOOTL plans to use the new capital to expand its engineering and sales teams, and to further enhance its AI capabilities.