- The first implementation of Skynet was completed in Chelsea Avondale’s insurance company in Canada: Kitchener, Ontario-based Max Insurance
- The funds raised will be used to support the continued growth of the Canadian homeowners insurance portfolio
- They will also be used to support the company’s global expansion
Chelsea Avondale, the developer of Skynet, a precision risk technology for the property and casualty insurance industry, has secured undisclosed Series C financing.
MSD Partners led the round, with participation from other investors, including American Family Ventures.
Dan Bitar, managing director and co-head of MSD Growth, has joined the Chelsea Avondale’s board of directors.
The first implementation of Skynet was completed in Chelsea Avondale’s insurance company in Canada: Kitchener, Ontario-based Max Insurance. Max serves homeowners, tenants, landlords and condo insurance in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario through its network of independent brokers.
The funds raised will be used to support the continued growth of the Canadian homeowners insurance portfolio via Max Insurance. They will also be used to support the company’s global expansion.
“Chelsea Avondale’s culture is driven by tenured risk managers and scientists with decades of reinsurance experience,” said Kyle Beatty, managing director of American Family Ventures, in a statement. “Their knowledge and expertise in dynamically modelling and managing all catastrophic and non-catastrophic risk is truly impressive. Their proprietary approaches enable the company to delineate risk with exceptional precision, particularly for homes exposed to wildfires and flooding. Further, this team has fully rebuilt its insurance operating system, thereby removing unnecessary operating expense and creating a step-change in user experience for both agents and policy holders.”
MSD Partners is an affiliate of BDT & MSD Partners, a Chicago-based merchant bank. Since 2010, BDT & MSD Partners’ affiliated funds have deployed more than $50 billion across their investment strategies.