We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
Cape Analytics, a company meshing AI with aerial imagery to power property insurance inspections, has raised $44 million in a series C round of funding.
Founded in 2014, Mountain View, California-based Cape Analytics enables insurance providers like AXA and Western Mutual to optimize their underwriting process. It does so by helping providers leverage computer vision and geospatial imagery to evaluate properties without sending someone out to physically inspect them.
Manual inspections can be a hazardous and resource-intensive process and often involving climbing onto roofs. Instead, Cape Analytics garners high-resolution aerial photos from third parties like Nearmap and then analyzes and extracts structured data from the imagery. Data might include the size of the property, the roof’s condition, what it’s made of, whether there are solar panels, or even whether any trees overhang the building.
Collectively, this data helps insurers not only establish the current condition of the property, but predict future damage. And by comparing visuals against previous imagery, Cape Analytics can also determine whether any changes have been made to a property since its last valuation.
Cape Analytics had raised $31 million over a couple of rounds of funding in the past seven years. Now the company is well-financed to expand on its existing 50 subscription-based customers from across the insurance and real estate sectors.
As with just about every AI-powered technology, data is what makes things tick — which is why Cape Analytics said it’s now looking to “diversify its suite of data sources and partnerships.” The company currently blends sources spanning imagery providers, property parcel information, public records, hazard data, and more to power the platform’s algorithmic prediction smarts.
“The idea [with this funding] is to add, blend, and compare additional high-quality sources while also exploring new forms of data — for example, weather data or home sales information, and much more,” a company spokesperson told VentureBeat.
The company’s series C round was led by Pivot Investment Partners, with participation from a slew of parties, including funds related to insurance carriers such as State Farm Ventures, The Hartford, and the Cincinnati Insurance Company.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.