Cape Analytics raises $44M for insurance analytics

Cape Analytics is a leading company that provides geospatial intelligence for property valuation and risk. It uses AI with aerial imagery for powering property insurance inspections. The company recently raised an amount of $44 million in a Series C round of funding.

About Cape Analytics

Founded in 2014, Cape Analytics has its headquarters in California, United States. The company uses geospatial imagery and AI to offer quick property intelligence for buildings all over the United States. With this, insurance companies can assess a property’s risk and value more accurately.

Pivot Investment Partners led the Series C financing. Some other participants were Aquiline Technologies and HSCM Bermuda. Existing investors include State Auto Labs Fund, The Cincinnati Insurance Company, State Farm Ventures, The Hartford, Formation8, and Brewer Lane Ventures.

California-based Cape Analytics allows insurance-providing companies such as Western Mutual and AXA to maximize their underwriting process. The company does this by helping insurance companies get geospatial imagery and computer vision to assess properties. This way, insurance companies need not send anyone physically out there to inspect these properties.

Manual inspection is error-prone and a heavy burden on the resources of the company. There are times when inspection even includes processes like climbing on the roof. Instead, Cape Analytics provides high-resolution aerial photos with the help of third parties such as Nearmap. Cape Analytics then analyzes the images and extracts data from them. Data ranges from the condition of the roof, size of the property – big or small, is there any tree that overhangs, what material is used for the building, or is there any solar panel mounted on the top.

This data lets the insurance companies give an accurate account of the current situation of the building and also predict any future damage. Comparing a property’s earlier images with the recent ones, Cape Analytics can determine if there are any changes made in the building from the time of its last evaluation.     

In the last seven years, Cape Analytics raised $31 million in several rounds of funding. Right now, the company has enough finances to increase the scope of its 50 subscription-based customers. It has customers from the real estate and insurance sectors.

Like any other AI-powered technology, data is the most important factor while working with AI-powered companies. That is why Cape Analytics does not want to diversify its suite of partnerships and data sources. Currently, it blends references spanning property data information, imagery providers, hazard data, public records, and more to fuel the company’s algorithmic prediction smarts.

The funding aims to add, combine, and compare more high-quality sources while finding new forms of data, such as home sales information and weather data.

The company plans to use the newly raised capital to increase the creation of new property insights with the help of machine learning for the growing base of clients.