AI Start-up Betterview has secured an investment from Silicon Valley-based VC Plug and Play Ventures.
The company’s InsurTech solution allows clients to get accurate insurance quotes using an instant API. In August this year Betterview launched its Property Profile platform, which uses aerial imagery, alongside other data sources like historical weather, to determine the condition of roofs and the risk of potential insurance claims.
Last month Betterview partnered with property and casualty insurance platform Guidewire Software, to integrate its services into Guidewire’s marketplace.
The financial details of the investment were not released, however Plug and Play, on average, wrote cheques around $115,000 per deal during 2017, according to its website.
Betterview has planned to use the new funding to expand its AI capabilities, new imagery sources and enhance its building & property data and analytics platform.
“Our relationship with Betterview goes back to 2016 when they were selected out of 800 startups to be part of our inaugural InsurTech batch,” said Plug and Play Ventures senior associate Gijs Dutry van Haeften.
“We see a lot of value in the way Betterview has been able to leverage their extensive aerial imagery analysis capabilities and combine them with external data sources to tackle underwriting and loss control in a cost-effective manner.
“We believe this combination of tools together with the market need for better building and property data in the Property and Casualty space gives rise to a particularly exciting opportunity.”
Earlier this year, Plug and Play joined a $5m Seed-stage funding round in cyber risk management start-up Zeguro.