Venture capital firms Sequoia, Aleph, XL Innovate and General Catalyst all have notable stakes in Lemonade as well.
Another bot, dubbed AI Jim, helps pay claims in as quickly as three seconds.
Lemonade said it now has more than 729,000 customers and that 70% of them are under the age of 35.
Daniel Schreiber, CEO & co-founder at Lemonade, said in an interview with CNN Business Thursday that 90% of its customers never before had insurance.
“We’re appealing to younger consumers and usually offering dramatic savings compared to others,” Schreiber said, adding that Lemonade plans to soon launch a pet insurance product and will look to roll out other types of coverage too.
“The goal is to be the 21st century version of a traditional insurance carrier,” Schreiber said.
The company’s revenue more than doubled in the first quarter of 2020 to $26.2 million. But Lemonade is not profitable and losses ballooned from $21.6 million a year ago to $36.5 million.
The company’s strong debut continues a string of successful new stock offerings on Wall Street.
Dun & Bradstreet president Stephen Daffron said in an interview with CNN Business after the IPO that the company was an “iconic brand tarnished by slow growth.”
But the company’s new owners have cut costs and focused more on technology, allowing Dun & Bradstreet to take advantage of investor appetite for newly listed stocks.