Lightsmith Group leads $20m investment round in AI-powered insurer Parsyl

The Lightsmith Group, a global sustainable private equity firm with a direct focus on resilience to climate change, has led a $20 million Series C investment round in Parsyl, the AI-powered insurer of complex supply chain risks.

According to the announcement, the investment round also featured participation from a number of existing investors, including – HSCM Ventures, GLP Capital Partners and Lineage Ventures.

Moreover, Parsyl has witnessed notable growth throughout the last two years, through its focus on insuring underserved food, beverage and pharmaceutical commodities across the marine cargo space.

The AI and data-driven insurer blends new data sources and modern technology with traditional underwriting expertise to help clients build more robust and adaptable supply chains.

As part of this key investment, Lightsmith’s Jay Koh will reportedly join Parsyl’s Board of Directors, and Serena Shi will also serve as a board observer too.

With climate change-driven extreme weather events, such as floods, storms, and drought becoming more frequent and severe, the global shipping industry is facing a higher risk of disruption and financial loss.

Jay Koh, Managing Director at the Lightsmith Group, commented: “Climate risk is supply chain risk. Parsyl uses advanced technology – including AI and machine learning – to empower customers to manage supply chain risks made increasingly complex by climate change.

“We are excited to partner with Ben Hubbard and the world-class team at Parsyl, as well as Parsyl’s existing investors. Parsyl has proven that technology can deliver the dynamic solutions that make supply chains more resilient. We look forward to working with Parsyl to scale its impact and its business as a key solution for meeting the supply chain challenges from climate change.”

Ben Hubbard, Parsyl CEO and cofounder, said: “Our technologies and solutions enable clients to manage an increasingly complex risk environment. We are thrilled to have the support of The Lightsmith Group and our existing investors as we continue to grow and innovate.

“This funding further validates our vision and enables us to strengthen our team and our technology, while we expand our underwriting appetite, product offerings and geographies to impact more critical supply chains.”

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