Arturo, which offers AI-powered insights and predictive analytics from aerial and satellite imagery, has collected $25m in its Series B funding round.
Atlantic Bridge Capital acted as the lead investor, with commitments also coming from RPS Ventures, Crosslink Capital and IAG Firemark Ventures.
This equity injection will help the InsurTech to grow its technical team to help refine its platform. Funds have also been earmarked to help Arturo establish partnerships with imagery providers to offer coverage in Europe and Southeast Asia as well as expand its client base.
Arturo plans to release its services to the commercial property sector and other businesses that engage with the built environment, such as banks, asset managers and other financial institutions.
The InsurTech leverages latest satellite, aerial, and ground-level imagery to offer accurate physical property characteristic data and predictive analysis to property & casualty (P&C) insurance, reinsurance, lending and securities markets.
Its tools are used for point of quote, renewals, underwriting, claims, pricing and risk modelling.
Atlantic Bridge operating partner Sunir Kapoor said, “Over the past twelve months, Arturo increased its revenue over 300%, which speaks directly to the tangible value it offers to leading insurers.
“With these new client wins, Arturo now counts among its clients two of the top five P&C insurers in the US, in addition to the two leading insurers in the Australian market. With the success that jC and his team have had onboarding several new clients fully remotely over the past year, we’re confident in Arturo’s continued expansion in bringing AI to the insurance industry and beyond.”
In line with the deal, Atlantic Bridge operating partner Sunir Kapoor and RPS founding general partner Samantha Wang have joined the Arturo board of directors.
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