Parsyl

Parsyl is a venture-backed supply chain data platform that helps shippers, suppliers and insurers understand the quality conditions of sensitive and perishable products as they move through the supply chain.

The Parsyl platform includes its family of proprietary, low cost Trek multi-sensing hardware devices, a mobile application and gateway, and a web platform that combines sensor readings with external data to offer interactive shipment visualisations and aggregated insights. Customers use Parsyl’s predictive data and insights to improve shipping performance, manage compliance, scorecard vendors and reduce insurance costs.

The Parsyl platform includes its low cost, proprietary Trek multi-sensing hardware devices, mobile application, and web platform that combines granular sensor readings with contextual data, such as cargo tracking, weather and telematics data. Parsyl's software automatically generates interactive shipment visualisations, aggregated performance insights and recommendations for avoiding issues with future shipments. Parsyl’s hardware, combined with powerful data analytics, allows insurers to increase profitability, reduce risk, and improve claims.

Parsyl was founded in 2017 with a mission to improve lives and save money by thinking about supply chain data collection in a new way.

On December 17, 2018, Parsyl, Inc. announced that Lloyd’s and a group of lead market syndicates are spearheading a new initiative to offer crafted risk coverage for sensitive shipments that incorporate the use of Parsyl’s Internet of Things (IoT) quality assurance and risk management solution. Parsyl was one of ten companies selected to participate in Lloyd’s new innovation accelerator, Lloyd’s Lab. The announcement was made in London at the culmination of the ten week program.

By agreeing to place Parsyl’s sensors on prescribed shipments, participants may benefit from expedited settlement and reduced claims costs, tailored deductibles and risk mitigation insights based on new data. The initiative was co-created by Parsyl and market syndicates Ascot, Antares, Beazley and CNA Hardy, all of whom lead a substantial portion of the global marine cargo business that is underwritten at Lloyd’s. The initiative also has the support of AXA XL and QBE, two of the largest marine cargo syndicates at Lloyd’s.

Parsyl raised a $15m Series A round in April 2020. At the same time, the company launched a new suite of smart cargo insurance solutions, including a parametric product.

In April 2021 Aon launched a $75m Covid-19 vaccine global cargo product with Parsyl, as well as a number of other insurers. The solution will leverage sensor data and analytics to ensure vaccines stay within the correct temperature range during transport, with real-time reporting to help mitigate against losses.

In January 2022 Parsyl secured $25m in a series B funding round.

During April 2023 the company launched its new Essential Consortium at Lloyd’s of London. The deal was to bring $20m in new capacity to the perishable cargo market and utilise Parsyl’s data-driven insurance solutions.

In June 2022 Parsyl expanded in the UK, opening an office in London and brought in an underwriting team for Parsyl's Lloyd’s Syndicate 1796.