Auto-focused insurtech unicorn Root raises another $350 million, nearly quadrupling its valuation

US-based insurtech Root is to complete a $350 million funding round at a valuation of $3.7 billion, according to The Wall Street Journal. The round will be led by new investors Coatue Management and DST Global, and will come around a year after Root raised $100 million and became a fintech unicorn.

Root focuses on selling auto insurance and uses technology, including AI, in smartphones to measure users’ driving behavior, such as braking, speed of turns, driving times, and route consistency. It then uses this data to assess an individual driver’s risk to accurately price their policy.

Read the article at: Business Insider

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