Deep Vector secures $1.5m seed funding to transform insurance data extraction with AI

January 9, 2025

Deep Vector, an AI platform specialising in the analysis of underwriting documents, has successfully completed its seed funding round, raising $1.5m.

The round was co-led by Aperture Venture Capital and InsurTech NY.

The company focuses on helping insurers and brokers translate complex analog documents, such as claims loss runs, Acord forms, and motor vehicle records, into actionable digital data. Its proprietary algorithms and machine learning technology can identify and process over 5,600 document format types specific to various insurance carriers.

Deep Vector plans to use the newly secured funding to expand its platform capabilities and become the go-to translation layer for insurance data extraction. Currently, the company serves more than 30 of the top 100 insurance brokerages and is rapidly gaining traction among carriers, underwriters, and MGAs.

David Gritz, managing director at InsurTech NY, said, “Insurers have little incentive to make their loss run and claims analysis process easier because it is simply a cost center. Deep Vector bridges the gap between the insurance broker and underwriter for complex commercial accounts and saves thousands of hours analyzing accounts.”

Deep Vector co-founder Scott Knowles said, “Deep Vector’s product Loss Scan breaks down the barriers that have locked away valuable claims data for decades. By automating the extraction of information from complex loss runs, we’re giving insurance professionals access to insights that were previously buried in PDFs and spreadsheets. It’s not just about saving time – it’s about unlocking data that transforms how underwriters assess risk and brokers serve their clients.

“Only with the power of Deep Vector can brokers shift their time to true risk management and advisory instead of paperwork processing. By automating the tedious task of manual data extraction, we’re liberating insurance professionals to focus on what really matters – analyzing risks and providing strategic guidance to their clients.”