A swell of new investors has helped Cape Analytics raise $17 million in its Series B round of funding. The start-up was founded in 2014 and utilises geospatial imagery, computer vision, and machine learning to provide accurate and up-to-date property data for re/insurers.
The new round of financing was led by the XL Catlin-sponsored, insurance-focused venture capital initiative XL Innovate. New backers include The Hartford, Nephila, CSAA Insurance Group (an AAA insurer), The Cincinnati Insurance Company, and State Auto Labs Fund.
These new insurer-investors join existing technology investors such as Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures.
Xl Innovate Partner, Martha Notaras, will join the company’s Board of Directors as part of the financing round.
Partner, Martha Notaras
Cape Analytics leverages tens of thousands of GPUs to rapidly process data critical in allowing property insurers to assess risks and price policies accurately, providing visual access to over 70 million buildings across the country in milliseconds.
The new funding will be used to expand Cape Analytics sales and AI-centric product development teams as it responds to rapid growth in customer interest and adoption.
The Company will also look at expanding its footprint to new geographies and other applications within the insurance vertical, where it says significant opportunity exists to improve data quality being used by insurers.
Martha Notaras, Partner at XL Innovate and Cape Analytics Board Director, commented, “I’ve seen a number of large-scale business success stories that were contingent on strategic inflection points within the insurance industry. Cape Analytics is presaging the next major shift in insurance, towards the use of AI and real-time analytics.”
“I have observed over the last two years as Cape Analytics has delivered on their product vision and made a tangible impact on their customers’ bottom line. We are thrilled that XL Innovate has the opportunity to lead this financing and help Cape Analytics scale further.”
Chief Strategy and Ventures Officer at The Hartford, John Wilcox, added, “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.”
Ryan Kottenstette, Chief Executive Officer (CEO) and Co-Founder of Cape Analytics, said, “We had the privilege to choose the entities that invested in this round of funding. As such, we have deliberately prioritized forward-thinking customers who provide critical product insight and reflect our customer-driven philosophy.”
“This funding also recognizes our leadership in the residential property intelligence space as the only provider of accurate, instant, and up-to-date property data.” In less than 12 months, Cape Analytics has seen tremendous growth, expanding its coverage from Florida alone to nearly every single-family home in the country.”
