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Cape Analytics, a company meshing AI with aerial imagery to power property insurance inspections, has raised $44 million in a series C round of funding.
Founded in 2014, Mountain View, California-based Cape Analytics enables insurance providers such as AXA and Western Mutual to optimize their underwriting process by leveraging computer vision and geospatial imagery to evaluate properties without having to send someone out to physically inspect it.
Manual inspections can be a hazardous and resource-intensive process, often involving climbing onto roofs. Instead, Cape Analytics garners high-resolution aerial photos from third-parties such as Nearmap, and then analyzes and extracts structured data from the imagery such as the size of the property, the roof’s condition, what it’s made of, whether there are solar panels, or even whether there are any trees overhang the building.
Collectively, this data helps insurers establish not only the current condition of the property, but also predict future damage. And by comparing previous imagery, Cape Analytics can also determine if any changes have been made to a property since the last valuation.
Above: Cape Analytics example
Prior to now, Cape Analytics had raised $31 million over a couple of round of funding in the past seven years, and the company is now well-financed to expand on its existing 50 subscription-based customers from across the insurance and real estate spheres.
However, as with just about every AI-powered technology, data is the oil that makes things tick — that is why Cape Analytics said that it’s now looking to “diversify its suite of data sources and partnerships. Indeed, the company blends sources spanning imagery providers, property parcel information, public records, hazard data, and more to power the platform’s algorithmic prediction smarts.
“The idea [with this funding] is to add, blend, and compare additional high-quality sources, while also exploring new forms of data — for example, weather data or home sales information, and much more,” a company spokesperson told VentureBeat.
The company’s series C round was led by Pivot Investment Partners, with participation from a slew of parties including funds related to insurance carriers such as State Farm Ventures, The Hartford, and the Cincinnati Insurance Company.
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