Cape Analytics has attracted $44 million in new financing that the of property data firm plans to use for expansion, accelerated product development, and hiring of more machine learning, data science and risk experts.
Launched in 2014, Cape Analytics uses geospatial imagery, computer vision and machine learning to extract proprietary property data for carriers and other property stakeholders.
The California-based company’s Series C round attracted plenty of investors, led by Pivot Investment Partners. Aquiline Technology Growth and HSCM Bermuda also joined the Series C round. A number of existing investors also participated, including Formation8 and Brewer Lane Ventures, as well as insurance carrier funds from State Farm Ventures, The Hartford, State Auto Labs Fund and The Cincinnati Insurance Co.
Cape Analytics said it now serves more than 50 subscription customers across insurance and real estate markets including Hippo Insurance, Amica Insurance and State Auto Insurance. At the same time, it is unclear if the company is profitable yet or has a timeline to achieve it.
“We are currently prioritizing growth and product innovation to support our rapidly expanding roster of customers,” said Cape Analytics Head of Marketing Kayvan Farzaneh. “We have not publicly shared our financials in the past and don’t have any plans to do so in the near future.”
Pivot Co-Founder Akbar Poonawala will be part of Cape Analytics’ board of directors, joining existing board members Tom Hutton and Shirish Sathaye.
Source: Cape Analytics
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