AI insurance startup Outmarket raises $34.5M Series B led by SignalFire

Outmarket, an AI-powered insurance technology startup, announced it has raised $34.5 million in a Series B round led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund. A person familiar with the investment said the round values the company at $335 million.

The funding comes just four months after Outmarket's $17 million Series A. Founded in late 2023 by Vishal Sankhla, who previously led product at digital life insurance distributor Ethos and worked at Facebook and Uber, the company uses AI to help insurance agencies and brokers automate time-consuming paperwork.

Outmarket focuses on commercial insurance, where policies involve complex combinations of coverage options and varied application processes. Sankhla said that about 95% of insurance in the U.S. and worldwide is still sold through human agents, making the sector highly manual and ripe for automation.

Since launching a new product in July 2025, Outmarket has attracted more than 300 insurance agencies as customers, including 25% of the top 100. Sankhla described the growth as fast for an industry that typically moves slowly. The company faces competition from other startups such as Fulcrum AI and Further AI, but Sankhla noted the U.S. property and casualty insurance market alone exceeds $1 trillion in annual premiums, leaving room for agencies to work faster with AI.