Cape Analytics Receives $14M
PALO ALTO, CA, Cape Analytics, a new company that leverages geospatial imagery, computer vision, and machine learning to generate property data, announced it has raised $14 million in funding.
The round was led by Formation 8, and other investors include Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus Ventures, and Montage Ventures. The funding will allow Cape Analytics to expand its world-class engineering and sales teams as it brings its proprietary data to more regions and customers around the United States. As part of this financing, Formation 8's Shirish Sathaye has joined the company's board of directors.
Cape Analytics is initially focused on enabling insurance carriers to deliver faster and more accurate quotes. Insurers want to provide quick, accurate, and hassle-free quotes to customers but, traditionally, quotes have been based on incomplete or unreliable information from public records, or slow and expensive in-person property inspectors.
In response, Cape Analytics has developed a cloud-based platform that provides near inspection-quality data of high-value property features - instantaneously and at scale - for entire property portfolios. Automating this data transforms the underwriting process by improving the agent and customer experience, increasing quote speed, and refining quote accuracy - all with greater cost effectiveness. Cape Analytics has built this valuable service by leveraging artificial intelligence and geo-imagery to produce structured property data that seamlessly integrates into an insurance carrier's quote engine, via API.
Based in Palo Alto, CA with additional offices in Munich, Germany, Cape Analytics' team brings unparalleled experience in both technology and insurance to improve the way insurance carriers access and use property data. CEO and cofounder, Ryan Kottenstette, was previously an investor with Khosla Ventures and has incubated several technology companies that apply computer vision and artificial intelligence to industries ranging from shipping logistics to agriculture to healthcare. CTO and cofounder, Suat Gedikli, is a world-class expert in image processing, 3D processing, probabilistic state estimation, and machine learning.
'We are honored to partner with such distinguished investors to grow our engineering and sales teams as we add features and scale our platform to offer nationwide coverage,' said Cape Analytics CEO, Ryan Kottenstette.
'Cape Analytics is developing an industry-leading solution to provide tremendous value to a broad base of customers. Their cutting edge artificial intelligence technology will completely change the way insurance companies assess their risk. We are excited to be investors in Cape Analytics,' added Mr. Sathaye, General Partner at Formation 8 and board member at Cape Analytics.
To learn more, visit www.capenalytics.com
About Cape Analytics:
Cape Analytics was established in 2014 to revolutionize the way information about the built environment is created and used. The company leverages geospatial imagery, computer vision, and machine learning to instantly and automatically extract proprietary property data for insurance carriers and other property stakeholders. Cape Analytics establishes a new category of property data & analytics, offering immediacy and coverage comparable to pre-filled data, but with accuracy and detail now relegated to time-consuming in-person inspection reports.
About Formation 8
Formation 8 is a venture capital firm that provides financial and strategic capital to early growth smart enterprise and energy technology companies. We support entrepreneurs who seek to transform the most important global industries by solving hard problems with technology solutions.
About Data Collective
Data Collective and its principals have backed brilliant people changing global-scale industries for over twenty years, helping create tens of billions of dollars of wealth for these entrepreneurs while also making the world a markedly better place.
DCVC brings to bear a unique model that unites a team of experienced venture capitalists with more than 35 technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, Professors at Stanford and Berkeley) with significant tenures at top 100 technology companies and research institutions worldwide. DCVC focuses on seed, Series A, and growth stage companies that apply deep compute, big data and IT infrastructure technologies to transform giant industries. Learn more at www.dcvc.com and follow us on Twitter at @dcvc.
About XL Innovate
XL Innovate is a venture capital fund focused on investing in companies that address the world's most complex risks with new technologies and products for the insurance industry. XL Innovate provides companies with equity capital, unparalleled experience in building new ventures in this specific space, and access to XL Catlin's global insurance expertise and underwriting. To learn more, visit www.xlinnovate.com.
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