Founded in 2018 by Veysel Sinan Geylani, Virtual i Technologies provides intelligent solutions that allow underwriters to assess risks before insuring them. With offices in Zurich and Dubai, the company built and patented the Virtual Risk SpaceTM [VRS], which offers an innovative platform to assess risks of different sizes, from micro to large, before they happen. As a unique, technology-based and cost-effective platform, [VRS] brings immediate and visible results to the insurance industry, enabling the insurance industry to shift from goodwill undertaking to dynamic and data-based decision making. Additionally, Virtual I helps insurers save costs by connecting them with risk engineers anywhere in the world, thus eliminating the need to travel to the site of the project.
The Zurich-based startup has completed its seed financing round, which raised USD 2 million with substantial oversubscription. Its cap table is formed to date by mainly insurance and risk professional angel investors, with Morgan Stanley Multicultural Innovation Lab being the first institutional investor of the company. At the seed round Virtual i, welcomed also new other institutional investors on a strategic basis from the USA, Singapore, Turkey and Germany.
As the leading AI-based risk selection underwriting tool for the property & casualty insurance and reinsurance market, the footprint and client base of Virtual i Technologies has been growing exponentially in key markets – USA, Canada, Europe, MEA Asia-Pacific. This year alone the company reports 203 percent growth in the number of users and 464 percent growth in the number of inspections.
The company’s team has also grown from nine to 27. This year Virtual i established dedicated teams in the USA, Singapore and Africa and has enlarged its portfolio of strategic business development partners. To finance the exponential growth, Virtual i plans to launch a Series A round to the global investors in Q4 2021.
Veysel Sinan Geylani, the Founder and CEO of Virtual i Technologies said: “We are proud and happy to see the visionary partners who see the value of seeing the entire risk data rather than settling for 5%. Because this means the game is now changing for the overall insurance ecosystem. The investors who understand the importance and benefit of this change are all the stakeholders of the system, from insurance carriers to end-users. With the game-changer investors, partners and clients all around the world, we are moving onwards and upwards together for a fact-based ecosystem to the benefit of all users.”
Virtual i Technologies’s achievements also include the winning of prizes from Morgan Stanley Multicultural Innovation Lab, DXC Invitational Insurtech - Europe 2021, ACORD InsurTech Innovation Challenge, AGEAS INsure Open Innovation Program, among others.