Poetic emerges from stealth with $50M from OpenAI to automate insurance underwriting and compliance

Poetic, an AI startup that has been operating in stealth, has emerged with $50M in funding and a $500M valuation to automate some of finance’s most sensitive back-office work, from insurance underwriting to compliance and fraud checks. Its backers include OpenAI, Peter Thiel’s Founders Fund, and Kleiner Perkins.

The company was founded by Markie Wagner, a former Google and Waymo machine-learning engineer who previously ran the AI consultancy Delphi Labs. Its pitch is a single line: “turn your business into software.”

Poetic’s system ingests a firm’s procedures, training videos, and expert feedback, runs processes end-to-end, and, the company says, repairs itself when the underlying software changes. To make that affordable at scale, it has built its own programming language for directing AI.

Big claims, blue-chip names, thin disclosure

The customer list is the eye-catching part: SoFi, AIG, and Chime are named users. Poetic claims striking results, including 100 per cent...

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