# Indio Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/indio-technologies

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.useindio.com
- Total disclosed funding: $30M
- Latest round: Series B (May 2, 2019)
- Investors on record: 7

## About

Indio Technologies Inc. is focused on enhancing the insurance application and renewal process via a digital platform, streamlining data collection and improving efficiency for agents and clients alike.Founded in 2015 in San Francisco, US, Indio Technologies Inc. offers a digital solution for the insurance industry that simplifies application processes. The company has secured funding through five deals, with the most recent being a Series B round raising USD 20.00 mn, led by Menlo Ventures. The founders, Adam Bratt and Michael Furlong, have a history of entrepreneurial success in the technology sector. In December 2019, Indio was acquired by Applied Systems, Inc., aiming to enhance automated data capture and streamline the application workflow.Indio specializes in streamlining the insurance application and renewal process through its digital platform, which transforms traditionally cumbersome procedures into a user-friendly experience akin to TurboTax. Their core offering simplifies the collection of application data, making it collaborative and efficient, thereby saving time and minimizing errors associated with manual data entry. The platform serves insurance agencies and brokers, eliminating the need for unwieldy PDF forms and spreadsheets, primarily focused on the commercial lines insurance segment in the United States.Indio's revenue model is built around subscription-based services tailored to insurance agencies and brokers. Clients engage with the platform through structured partnerships, subscribing to various service tiers designed to meet the needs of different agency sizes. The pricing structure accommodates both small and large clients, facilitating seamless integration of application processes, particularly enhancing the commercial lines application experience.Following its acquisition in December 2019, Indio Technologies Inc. is set to leverage new resources to accelerate the development of its platform, aiming to launch enhanced products that focus on automated data capture. The integration with Applied Systems, Inc. will enable Indio to expand its offerings into new geographic markets, specifically targeting regions with growing demand for digital insurance solutions. The recent funding will support these initiatives by streamlining operations and developing further technological advancements to increase the speed of application processes and reduce errors.

## Funding rounds

- Series B, May 2, 2019, $20M — Menlo Ventures, 8VC
- Series A, Dec 18, 2017, $8.3M — Merus Capital, Compound Ventures, 500 Global, 8VC
- Seed, Nov 2, 2016, $2M — New Enterprise Associates, Merus Capital, Compound Ventures, Hiscox, 500 Global

## Investors

- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Seed
- Merus Capital — Seed, Series A
- Compound Ventures (https://capitalatlas.ai/funds/compound-ventures) — Seed, Series A
- Hiscox — Seed
- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed, Series A
- 8VC (https://capitalatlas.ai/funds/8vc) — Series A, Series B
- Menlo Ventures (https://capitalatlas.ai/funds/menlo-ventures) — Series B