Gradient AI, the provider of proven artificial intelligence (AI) solutions for the insurance sector, has raised $56.1 million in Series C funding, in a round led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
Gradient AI will reportedly use the funds for product development in order to continue driving innovation and efficiency across the insurance sector, as well as to further strengthen customer success and sales functions too.
The investment will also be used to launch new products to expand the firm’s range of solutions for property & casualty (P&C) and Health insurers.
Stan Smith, CEO of Gradient AI, commented: “While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step. Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers.
“Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
Matt Alfieri, Partner at Centana Growth Partners, said: “Gradient AI has an experienced executive team and products that produce demonstrable ROI for its customers which, together, have helped Gradient deliver strong financial results. The company is at an important inflection point, and we are excited to partner with Stan and his stellar team.
“In addition to growth capital, we look forward to providing our knowledge and industry connectivity to assist Gradient in product expansion and go-to-market activities that continue to benefit customers and extend their competitive advantage.”
