Cape Analytics, a Palo Alto, CA-based platform that leverages geospatial imagery, computer vision, and machine learning to generate property data, raised $14m in funding.
The round was led by Formation 8, with participation from Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus Ventures, and Montage Ventures. In conjunction with the funding, Formation 8’s Shirish Sathaye joined Cape Analytics’ board of directors.
The company intends to use the funds to expand its engineering and sales teams to bring its proprietary data platform nationwide.
Established in 2014 by CEO Ryan Kottenstette and CTO Suat Gedikli, Cape Analytics leverages geospatial imagery, computer vision, and machine learning to automatically extract proprietary property data for insurance carriers and other property stakeholders.
Its cloud-based platform, which integrates into an insurance carrier’s quote engine via an API, provides near inspection-quality data of property features for entire property portfolios in order to improve the underwriting process and the agent and customer experience, increase quote speed, and refine quote accuracy.
The company has additional offices in Munich, Germany.