Pibit.AI plans to channel its latest $7 million Series A funding round into deeper research and development, the creation of new risk models, and its next phase of global expansion, Founder and CEO Akash Agarwal told CNBC-TV18.

The Bengaluru-based insurtech startup, which builds trusted AI systems for the global insurance industry, recently secured the funding from Stellaris Venture Partners, Y-Combinator and Arali Ventures to accelerate the scale-up of Cure — its flagship underwriting automation platform.

Agarwal said the company’s push into R&D and new risk models comes at a time when commercial insurance underwriting continues to struggle with inefficiencies. “In commercial insurance underwriting, it's completely broken. Underwriters don't have the right tools. The data are present in

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