Groundspeed Analytics, an Ann Arbor, MI-based commercial insurance data automation startup, closed $2.0m Series A funding.
The round, which brought total funding since launch to $2.4m, was led by insurtech-focused venture capital firm ManchesterStory Group with participation from Michigan Angel Fund and Tappan Hill Ventures.
The company intends to use the funds to expand sales and marketing efforts, as well as broaden and accelerate product development.
Led by Jeff Mason, CEO, Groundspeed Analytics leverages machine learning and artificial intelligence to improve commercial insurance performance of all commercial P&C lines, including workers’ compensation, liability, property, automobile, and excess and umbrella by automatically turning loss runs, exposure documents and policy files into actionable information, enabling users to identify profitable pools of risk and drive better financial outcomes.
Users include multi-national commercial insurance brokers, third party administrators (TPAs), and property and casualty (P&C) insurance companies.