Geospatial property data company Cape Analytics has secured an investment from State Farm Ventures.
The capital will be used to further the development of its property insurance capabilities.
Cape Analytics is a property intelligence solution which applies computer vision and machine learning algorithms to geospatial imagery. It also has a historical database of 90 million structures across the US which it can also analyse to tie property characteristics to loss and detect property changes over time.
Property insurance companies can utilize this information to improve their underwriting and claims processes.
State Farm Ventures vice president Mike Remmes said, “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.”
As part of the deal, a representative of State Farm will join the Cape Analytics advisory council.
The company raised a $17m investment in 2018 from investors including XL Innovate, The Hartford, Nephila, CSAA Insurance Group, State Auto Labs and The Cincinnati Insurance Company.
Earlier in the week, fellow InsurTech platform Insurity acquired geospatial analytics company SpatialKey. The acquisition was made to help the insurer improve its risk selection and pricing.
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