State Farm Ventures, the venture arm of U.S. P&C insurer State Farm, has made a significant investment in Cape Analytics, a provider of AI-powered geospatial property data.
Cape Analytics is set to use the proceeds from the investment to accelerate the development of ground-breaking solutions for property insurance firms, utilising geospatial analytics and other unique sources of information.
Ryan Kottenstette, Chief Executive Officer (CEO) and co-founder of Cape Analytics, said: “We’ve been fortunate to build a broad base of support from the industry’s leading insurers, both as customers and as investors. We’re now privileged to have State Farm Ventures join this key group of supporters.”
Cape Analytics states that its property intelligence product is derived by applying cutting-edge computer vision and machine learning algorithms to geospatial imagery.
Mike Remmes, Vice President of State Farm Ventures, added: “State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area.”
As part of the financing, a representative from State Farm is set to join Cape Analytics’ newly established customer advisory council.
