A San Diego tech startup founded by two ex-Qualcomm engineers has just raised $ 8.5 million from investors to expand its reach into new industries.
The company, called Yembo, is currently creating an AI-powered camera app that can measure the size and weight of furniture and other items in a room. This is especially helpful for moving companies, who use the app to estimate the workload of a move and provide quotes to customers – without ever visiting in person. That company got a boost during the pandemic.
But now Yembo’s new investors are backing a new use of the app: property insurance and underwriting inspections.
CEO and co-founder Siddharth Mohan has recent experience making a claims adjustment with his property insurance company and says the experience is fraught with inefficiencies.
“Someone comes to your house with a tape measure, pen and paper, and the whole process takes hours and hours,” Mohan said.
Yembo plans to build features into its software that can map a 3D model of a room so that insurers can estimate square footage, cabinets, and countertops, for example, and share that information with contractors.
Yembo was founded in 2016 by Mohan and its co-founder Zach Rattner, who were both former engineers in Qualcomm’s innovation division specializing in writing code for artificial intelligence. In 2018, the startup employed seven people and several dozen customers were on a waiting list to use their moving tools.
But Mohan said demand for Yembo’s AI app has skyrocketed in 2020 as more and more companies saw the need for a remote mapping tool.
“People didn’t want strangers in their house, so it all became virtual,” Mohan said. “We saw 5x growth in adoption.”
The company now has about 100 removal companies using its tool and employs 28 people. The startup earns income, but is not yet profitable.
Yembo’s new $ 8.5 million Series A round was led by Imagen Capital Partners, a Seattle investment firm.
“We believe the market will continue to seek advanced solutions that focus on efficient internal claims processing, while also seamlessly adapting acceptance (decision making) and Yembo’s current technology to meet these carrier demands,” said Chris Barrow, general partner at Imagen. Capital Partners, in a statement. “The company’s extensive domain expertise in 3D computer vision and cloud computing has already implemented a powerful solution for the moving and relocation market, and we are delighted to partner with and support the team in expanding their business model in the insurance sector. . “
Yembo’s current movers software.
(Thanks to Yembo)