CAPE Analytics (Mountain View, Calif.), a provider of geospatial intelligence for property risk and valuation, announced $44 million in Series C financing, led by Pivot Investment Partners (New York). Additional investors, Aquiline Technology Growth and HSCM Bermuda also joined the Series C round, with across-the-board participation from existing investors, including Formation8 and Brewer Lane Ventures, as well as other funds associated with insurance carriers, including State Farm Ventures, The Hartford, State Auto Labs Fund, and the Cincinnati Insurance Company. The capital will be used to accelerate the creation of new property insights, powered by machine learning, according to a CAPE statement.
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CAPE Analytics describes its offering as using machine learning and computer vision to pioneer a new form of property information, built specifically for the organizations that finance, protect, and invest in our homes and businesses. Founded in 2014, the company reports that it currently serves over 50 subscription customers across insurance and real estate markets, such as Hippo Insurance (Palo Alto, Calif.), Amica Insurance (Lincoln, R.I.), and State Auto Insurance (Columbus, Ohio). CAPE Analytics says that the Series C funding will allow the company to diversify its suite of data sources and partnerships, expand its coverage footprint in the U.S., Canada, and beyond, and grow its team of machine learning, data science, and risk experts.
‘Unique and Impactful’ Product
“CAPE Analytics has built a unique and impactful property intelligence product that has brought tremendous value to insurance carriers and is now being adopted by companies in real estate, mortgage, and capital markets,” comments Akbar Poonawala, Co-Founder of Pivot Investments. “We are proud to lead this financing round in CAPE and look forward to working alongside their excellent team to bring innovative property insights to insurance and real estate-linked industries.”
Poonawala will be appointed a member of CAPE Analytics’ Board of Directors, joining existing board members Tom Hutton and Shirish Sathaye.
“We’re honored to have the support of Pivot Investment Partners, HSCM Bermuda, and Aquiline Technology Growth—in addition to our existing, stellar group of investors,” comments Ryan Kottenstette, CEO, CAPE Analytics. “Their backing is a testament to CAPE’s success thus far in creating a new category of property intelligence for the insurance and real estate industries. I look forward to working with our world-class team to continue pioneering additional, high-impact property insights that help better inform our decisions about how to protect and invest in the built environment.”
Source: Insurance Innovation Reporter
