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BFD Expert Voices - Private Credit

BFD Expert Voices

Axle, a startup building a clearinghouse for insurance data, has raised $17.5 million in Series A funding, CEO Cameron Duncan tells Axios exclusively.

Why it matters: Insurance data is fragmented, making it difficult to access and verify.

Zoom in: Base10 Partners led the round, joined by Gradient, Y Combinator, Stage 2 Capital and industry angels.

How it works: Axle collects data from multiple insurance systems and documents through direct carrier integrations, consumer-permissioned account access and document AI.

It then normalizes that data into a standard format that customers can access through an API.

Customers use Axle to verify coverage, validate policy requirements and monitor coverage after a transaction closes.

Between the lines: Axle sells to mortgage lenders, auto dealers, rental-car companies, auto lenders and employers that need to confirm a consumer's insurance before placing an asset at risk.

The company sells directly to enterprise customers and also distributes through software systems used by dealers and lenders, allowing it to reach smaller businesses without signing each one individually.

Customers either pay a platform fee or per transaction.

By the numbers: New York- and Atlanta-based Axle says it clears more than $100 billion in coverage annually for over 4,000 customers, including Rocket Mortgage, Avis, Experian and Sonic Automotive.

Context: Duncan, COO Armaan Sikand and CTO Nihar Parikh founded Axle in 2022 after working on products for automotive, lending and rental-car businesses.

The company raised a $4 million seed round led by Gradient Ventures in 2023.

Exclusive: Axle raises $17.5M for insurance data clearinghouse

Insurance data is fragmented across carriers and systems.

Illustration of an open safe revealing a spreadsheet of data. 

Axle, a startup building a clearinghouse for insurance data, has raised $17.5 million in Series A funding, CEO Cameron Duncan tells Axios exclusively.Why it matters: Insurance data is fragmented, making it difficult to access and verify.

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Exclusive: Axle raises $17.5M for insurance data clearinghouse

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