Cape Analytics, a Mountain View, CA-based provider of an accurate and up-to-date property data for insurers and reinsurers, raised $17M in financing.
The round was led by XL Innovate with participation from The Hartford, Nephila, CSAA Insurance Group, The Cincinnati Insurance Company, and State Auto Labs Fund, which joined existing investors Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures. In conjunction with the funding, XL Innovate Partner, Martha Notaras, will join Cape Analytics’ Board of Directors.
The company intends to use the funds to expand its sales and AI-centric product development teams, grow its presence to new geographies and other applications within the insurance vertical.
Founded in 2014 by Ryan Kottenstette, CEO, Cape Analytics uses AI and geospatial imagery to provide instant property intelligence for buildings across the United States. It enables insurers and other property stakeholders to access property attributes at time of underwriting.
The company’s solution has used computer vision and machine learning to turn current geospatial imagery into a structured database of property information. This data includes critical information such as building footprints, roof condition, and nearby hazards.