Property data provider for insurers and reinsurers Cape Analytics has collected $17m in its latest equity round.
This batch of capital has been led by XL Innovate, while other contributors include The Hartford, Nephila, CSAA Insurance Group (a AAA insurer), The Cincinnati Insurance Company, and State Auto Labs Fund.
These companies join existing backers, from current or previous rounds, including Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures.
Cape Analytics uses computer vision and machine learning to transform geospatial imagery into a property database spanning the United States. Data on building footprints, roof condition, and nearby hazards are just some of the offerings of it solution.
Insurers can use the technology to access information on over 70 million buildings in the country and use this when building quotes, choosing risk and price policies.
This batch of capital will be used to bolster its sales and product development efforts to help meet the increased demand. In the future, the company hopes to enter new geographies and launch other applications in the insurance space.
Over the past year, the company has expanded its presence out from Florida to the whole of the US. It also increased the breadth of its offering with new services for assessing risk including presence, shape, and condition of building and parcel characteristics.
Alongside this, the company recently partnered with insurance software providers like Duck Creek, and tripled its staff headcount, since its previous funding round in 2016. The previous round raised around $14m.
The Hartford chief strategy and ventures officer John Wilcox said, “When we evaluate venture opportunities at The Hartford, we look for companies with distinctive capabilities, a forward-thinking, execution-focused management team, and the ability to add meaningful value to our core businesses. Cape Analytics checks all of these boxes, and we are excited to be an investor and partner of theirs.”
Following the transaction, XL Innovate partner Martha Notaras will join Cape Analytics board of directors.
Copyright © 2018 FinTech Global