Groundspeed Analytics, an AI and data science solution for the insurance sector, has raised $30m in its Series B round.
The lead investor for the round was Oak HC/FT, and brings Groundspeed’s total funding efforts to $32.4m. Last year, the company netted $2m in its Series A, which received contributions from ManchesterStory, Michigan Angel Fund and Tappan Hill Ventures.
Founded in 2016, Groundspeed uses AI and machine learning technology to give insurance companies with the ability to automatically transform loss runs, exposure documents and policy files into actionable insights.
Groundspeed Adaptive Data Pipeline solution enables its carrier, broker, and MGA clients to improve margins, identify underwriting profit pools, and enhance customer experience. Its platform eliminates 90 per cent of administration expenses while improving underwriting and analytics efficiency, delivering 10-times the data with 99 per cent accuracy, according to the company.
This equity injection will be used to further the expansion of its products, and increase the size of its data science and engineering teams to 40.
Groundspeed co-CEO Andrew Robinson said, “The Series B funding will allow us to continue to enhance this service and further respond to the range of analytic products and services our clients are asking us to provide. I couldn’t be more excited to work with Jeff and the Groundspeed team as we undertake this next step in our journey.”
Earlier in the year, Oak HC/FT led the Series C funding round of personal finance advice platform NextCapital. The solution gives an automated financial advice, offering holistic portfolio tracking, planning, savings advice and portfolio management.
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