Tensorflight, an AI platform using geospatial imagery to improve underwriting, has collected $2m in a new financing round.
ff Venture Capital, Hudson Structured Capital Management, Nephila, Hemi Ventures, and other backers, participated in the round.
The company uses geospatial imagery, building records and machine learning algorithms to help underwriters better judge risks and understand portfolio exposures. Its solution can automatically assess numerous property attributes, such as building footprints, construction type, roof pitch, and geometry, number of stories, and more.
Tensorflight instantly gathers key property information through satellite images, giving the underwriter to quickly transform this into quotes.
Capital from the round will be used to expand the size of the Tensorflight team with a new head of sales in New York of New Jersey and engineering head in Warsaw or Ney York, the company said.
In addition to this, the company will improve its computer vision technology to improve the underwriting speed and accuracy.
ff Venture Capital partner Adam Plotkin said, “Tensorflight is a perfect illustration of our strategy to invest in companies that apply cutting-edge AI and machine learning models to solve specific, valuable problems in industry verticals.
“They have designed and produced a solution that will significantly improve the speed and accuracy of property assessment for real-time pricing and underwriting for commercial property insurance.”
Earlier in the week, Hudson Capital Management led the undisclosed investment of auto insurance startup Noblr.
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