Cape Analytics has raised $17m in a series B round of funding to bring its AI-driven property intelligence solution to more US insurers.
Image: Cape Analytics secures funding from XL Innovate. Photo: Courtesy of rawpixel/Unsplash
The financing round was led by XL Innovate, an insurance technology-focused venture fund.
Cape Analytic’s own insurance customers and partners, including The Hartford, Nephila, CSAA Insurance Group, Cincinnati Financial, and State Auto Labs Fund also took part in the round.
The insurers join existing technology investors from current or prior rounds, including Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures.
As part of the financing round, XL Innovate partner, Martha Notaras, will join the company’s board of directors.
Cape Analytics stated that trillions of dollars are tied to real estate asses but, property related financial decisions are based on inaccurate or out-of-date information.
The company uses computer vision and machine learning to turn current geospatial imagery into accurate structured database of property information in the US.
This data is claimed to include critical information such as building footprints, roof condition and nearby hazards. Insurers can now use Cape Analytics’ information to access data of more than 70 million buildings across the country within few seconds, allowing them to instantly pull property information at the time of quote, choose better risks and offer better price for policies.
Data from the companies can also help in accelerating home insurance application process for consumers, powering accurate online quotes with fewer questions.
The funding will be used by the company to expand its sales and AI-centric product development, to respond to the rapid growth in customer interest and adoption.
It is also planning to expand its footprint into new geographies and other applications within the insurance vertical, where there is significant opportunity to improve data quality used by insurers in taking critical decisions.
Notaras said: “I’ve seen a number of large-scale business success stories that were contingent on strategic inflection points within the insurance industry. Cape Analytics is presaging the next major shift in insurance, towards the use of AI and real-time analytics.
“I have observed over the last two years as Cape Analytics has delivered on their product vision and made a tangible impact on their customers’ bottom line. We are thrilled that XL Innovate has the opportunity to lead this financing and help Cape Analytics scale further.”