Lemonade - the “revolutionary” insurance company utilizing bots and machine learning to replace brokers - has raised US$319 million in its US initial public offering.

Lemonade will list its shares on the New York Stock Exchange under the symbol “LMND.”

The IPO values Lemonade at around US$1.6 billion – less than the US$2.1 billion it was valued at in 2019 after it raised US$300 million in a funding round led by Japanese conglomerate SoftBank. Other notable participants in that funding round included Allianz SE and GV – Alphabet Inc’s venture capital arm.

SoftBank owns a 27.3% stake in Lemonade.

In February, Lemonade launched a new pet health insurance product line. The product line utilizes the same machine learning technologies Lemonade uses for its other products, and the company has opened up registration for the new pet insurance on its website.