According to a TechCrunch report dated September 28, 2026, Outmarket raised $34.5M to automate insurance agencies’ and brokers’ paperwork with artificial intelligence. The company was founded in late 2023 by Vishal Sankhla, who worked in product management at Ethos and previously worked at Facebook and Uber.
Outmarket focuses on commercial insurance, which is tailored to each business and includes numerous coverage options. According to Sankhla, there are more than 250 types of coverage in the industry; processes such as completing application forms and reviewing documents differ for each type of coverage. The artificial intelligence system helps brokers evaluate and recommend policies more quickly, allowing them to focus on tasks that require human input, such as responding to customers in emergencies.
The company has acquired more than 300 insurance agencies as customers since launching its new product 14 months ago. 25% of these customers are among the 100 largest agencies.
- SignalFire led the $34.5M Series B funding round, which was joined by Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.
- The investment came four months after the $17M Series A round and increased the company’s valuation to $335M.
Outmarket is not the only startup offering artificial intelligence tools to insurance brokers; Fulcrum AI and FurtherAI are also working in a similar area. Nevertheless, Sankhla believes the growth opportunity is substantial because the annual premiums of the property and casualty insurance market in the U.S. alone exceed one trillion dollars.
Why it matters
This development shows how the numerous coverages in commercial insurance, along with documentation processes that vary for each one, shape the daily workloads of agents and brokers. The product’s use by more than 300 agencies demonstrates that artificial intelligence has moved beyond the trial phase in this field and is becoming part of the processes of businesses of different sizes. The fact that one-quarter of users are among the 100 largest agencies shows that the solution is also being evaluated in terms of the needs of large brokerages. At the same time, Outmarket operates in the same space as startups offering similar tools, such as Fulcrum AI and FurtherAI. The open question, therefore, is which workflows the company can differentiate itself in within the competitive landscape while maintaining usage across its existing customer base.