Blockchain. Machine learning. Alternative data. Climate change. It seems like Arbol Market, a new insure-tech platform, is hitting every buzzword, and the startup's quick growth is proving there's a market for its products.
Arbol was founded by Sid Jha, a former quant at Ken Griffin's Citadel who brought a machine-learning approach to trading commodities, and his brother Osho Jha, the firm's chief data scientist who has worked at data shops like M Science and asset managers like BlackRock and J. Goldman & Co.
Arbol Inc. announced today that it has closed its Series A fundraising round with commitments totaling nearly $7 million. Arbol's Series A round was oversubscribed and completed at a significant increase in valuation from its initial seed round. All of the company's original seed investors, including Finch Finance LLC and Space Capital, recommitted for the Series A round, in addition to one new investor, Mubadala Capital-Ventures.
We are excited to announce the world’s first live, in-production weather coverage product on the blockchain. It uses smart contracts and Chainlink oracles to provide anyone with an Internet connection access to blockchain-enforced weather coverage that immediately settles based on weather data. This completely changes the way businesses and farmers all over the world hedge risk, allowing them to safely expand their operations knowing they are fully covered against periods of unforeseen weather events.
What sets Arbol apart from traditional insurers is that our weather risk platform is parametric. What does this mean? It means that contracts are paid out based on data as opposed to a subjective claims process where a human adjuster comes to your home or businesses to assess the damage. This is important because the subjectivity, loopholes, delays, and potential for fraud that are seen all too often with traditional insurers are eliminated for our clients. Once the threshold for loss in a contract is triggered by the applicable dataset an agreement is structured on, the client gets paid automatically. It’s that simple.
They’re tackling a problem which affects billions of people.
Arbol provides crop insurance for small to medium-sized farmers or enterprises.
Blockchain is introducing substantial efficiency gains to the insurance industry.
Arbol, a provider of marketplace technology that supports parametric risk transfer or weather insurance and utilises smart contracts, told us that it has lined up $250 million of capacity from non-traditional market sources to help it expand.
Global Parametrics and reinsurance giant Hannover Re are together supporting a weather risk insurance pilot scheme that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer.
Arbol, another featured IPFS Case Study, was the subject of CTO Ben Andre’s talk on how IPFS helps them sell parametric weather protection agreements.
LA Blockchain Summit, Arbol CEO and Chainlink Co-Founder Sergey Nazarov explore how blockchain-based parametric insurance is reliably automating traditional insurance processes and providing cryptographic guarantees around real-world data feeds and payouts for users relying on critical coverage.
Siddarth Jha from Arbol presents a SmartCon Keynote on the demand and opportunity for smart contract insurance. Arbol integrated with Chainlink to bring parametric insurance to farmers around the world.