8-Bit Capital portfolio company 1Fort (the AI platform for business insurance) announced their $7.5 million seed round, led by Bonfire Ventures, with participation from Draper Associates. 8-Bit Capital introduced 1Fort to Bonfire, and participated in the round.
1Fort leverages artificial intelligence to eliminate the most time-consuming aspects of commercial insurance processing. The platform enables brokers to enter client information once, then automatically completes applications, retrieves carrier quotes, analyzes coverage options, and processes binds and payments.
1Fort’s growth reflects a broader shift in the insurance industry, where artificial intelligence and automation increasingly replace decades-old manual processes.
The commercial insurance market represents a massive opportunity, generating hundreds of billions in annual premiums in the U.S. alone. Yet much of the industry still relies on outdated technology and manual processes.
“After wading through many insurtech tools that have come and gone and let them down over the years, when brokers finally see a platform seamlessly handle complex workflows, it feels almost unreal,” Marshi noted. “In an industry awash with hype, that ‘it just works’ reaction has been the ultimate validation of 1Fort’s approach.”
“The endgame: obtaining insurance becomes as simple as a few clicks,” Marshi said, “with 1Fort’s AI running the entire process behind the scenes.”
Read more in VentureBeat, the 1Fort Blog, Insurance Journal, and Bonfirevc.com.