ZestyAI, a provider of AI-based risk analytics for the property and casualty insurance industry, has secured a $15 mn credit facility from CIBC Innovation Banking.
The financing will strengthen the company’s balance sheet and support the continued expansion of its climate and property risk modeling capabilities.
Demand for ZestyAI’s parcel-level risk assessments has increased significantly. In 2024, the company delivered over 31 mn property risk assessments, more than doubling its 2023 volume. It expects to exceed 46 mn assessments in 2025.
The additional capital will support scaling of operations and development of new products to meet this growing demand.
Founder and CEO Attila Toth stated that the company remains focused on helping insurers manage evolving risks with reliable, property-specific insights.
He added that the funding will help ZestyAI meet increasing market needs and move closer to becoming the industry standard for property risk analytics.
CIBC Innovation Banking recognized ZestyAI’s contribution to modernizing risk assessment in insurance.
Sean Thompson, Managing Director and California Market Manager at CIBC, noted that ZestyAI’s AI-powered models are addressing a key need in the market and confirmed CIBC’s support for the company’s continued growth.
ZestyAI’s models cover perils such as wildfire, severe convective storms, and non-weather water damage.
These tools have gained regulatory approval in over 50 filings across the U.S., including recent clearances in states such as Texas, Colorado, Ohio, Georgia, Connecticut, Michigan, North Carolina, Louisiana, and Oklahoma.
In California, the company’s wildfire model, Z-FIRE™, passed the Department of Insurance’s PRID review, allowing it to be filed for underwriting and rate segmentation without further review.
The company added 33 new or expanded partnerships in the past year, including 26 B2B new clients. Its technology is now used by admitted insurers, MGAs, E&S carriers, FAIR Plans, and public-private programs.
By integrating AI with property and climate data, ZestyAI helps insurers improve underwriting, refine inspection protocols, price risk more accurately, and expand coverage in high-risk areas.
In 2024, ZestyAI enabled coverage for more than 511,000 properties previously classified as uninsurable, reinforcing its role in addressing climate-related insurance challenges.
