AI platform for the industry classification, Relativity6 secured $5.25 Million in Seed Funding

Relativity6, a Boston-based provider of an AI platform for the industry classification, has now secured $5.25 million in the seed funding round.

Relativity6 was founded by Alan Ringvald. It offers an AI platform that helps to retrieve up to the second information about a business in order to automatically detect its 6-digit NAICS code and verify its digital existence. 

The company helps to streamline and simplify the underwriting process via its proprietary real-time API that retrieves up to the second information about a business to automatically detect its 6-digit NAICS code and verify its digital existence.

CEO and co-founder Alan Ringvald said, "Industry classification is essential for straight-through processing in commercial underwriting, risk monitoring, and overall customer segmentation. We're on a mission to continue to improve our already industry-leading API speed and accuracy".

Fin Capital Venture Partner Emy Donavan said, "Relativity6 enables true and transparent classifications of SMEs, solving a pain point that has stifled automation of financial market products for today's multi-dimensional SME offerings. We're thrilled to be supporting Relativity6 as they provide a translation and verification layer for insurers seeking to provide better and more accurate insurance products for small businesses."

The round was backed by Fin Capital with participation from Vectr Ventures, State Auto Labs Funds, Angel ventures, Cortado Ventures, and some other strategic individuals in the financial, insurance, and data space services.

The AI startup, as of now, has plans to use the new funds to accelerate sales efforts within the commercial insurance underwriting, development of critical business data points, and drive expansion into the new financial service markets.