Venture arm of largest U.S. property and casualty insurer invests in leading provider of geospatial property intelligence
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Cape Analytics, the leading provider of AI-powered geospatial property data, is today announcing a significant investment by State Farm Ventures. Cape Analytics will use the investment by State Farm Ventures to accelerate the development of breakthrough solutions for property insurers leveraging geospatial analytics and other unique sources of information.
“We’ve been fortunate to build a broad base of support from the industry’s leading insurers, both as customers and as investors. We’re now privileged to have State Farm Ventures join this key group of supporters,” said Ryan Kottenstette, CEO and co-founder at Cape Analytics.
“State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area,” said Mike Remmes, Vice President of State Farm Ventures. As part of the financing, a representative from State Farm will be joining Cape Analytics’ newly formalized customer advisory council.
Cape Analytics’ property intelligence solution is derived by applying cutting-edge computer vision and machine learning algorithms to geospatial imagery. It is the only geospatial solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to improve insurer processes across the policy lifecycle. With a historical database of over 90 million structures across the United States, Cape Analytics can run time-series analyses, tie property characteristics to loss, and detect property changes over time.
To learn more, visit www.capeanalytics.com
About Cape Analytics
Cape Analytics provides instant property intelligence for buildings across the United States. Cape Analytics enables insurers and other property stakeholders to access valuable property attributes at time of underwriting, with the accuracy and detail that traditionally required an on-site inspection, but with the speed and coverage of property record pre-fill. Founded in 2014, Cape Analytics is backed by leading venture firms and innovative insurers and is comprised of computer vision, data science, and risk analysis experts.
About State Farm Ventures
State Farm Ventures focuses on investing in startups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC, is a wholly-owned affiliate of State Farm.
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