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Axle raises $17.5 million to automate insurance verification

The Series A is expected to fund Axle’s expansion into home, renters, commercial, and specialty insurance, along with hiring across engineering and go-to-market.

Reported · Written up by our desk · Industry & Deals

Insurance data infrastructure startup Axle has raised $17.5 million in Series A funding led by Base10 Partners, according to Coverager.

Axle, founded in 2022 and headquartered in Atlanta, automates insurance verification, monitoring, and policy updates for businesses including auto dealers, rental car companies, mortgage lenders, and employers. The company says it serves more than 4,000 businesses and processes more than $100 billion in coverage annually, helping customers recover more than $220 million in losses, Coverager reported.

Axle plans to use the funding to expand into home, auto, renters, commercial, and specialty insurance, and to hire across engineering and go-to-market. The outlet also noted that in April 2024, TSD Mobility Solutions partnered with Axle for instant insurance verification for its 16,000 dealership and car rental customers.

Coverager added that a year later, TSD Mobility Solutions announced a similar partnership with Canopy Connect, described as Axle’s main competitor.

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