Groundspeed Analytics has closed its Series C investment, which will help it accelerate its product development.
Insight Partners acted as the lead investor, with existing backer Oak HC/FT participating in the round.
The capital injection will be used to bolster product development and adoption of its software, as well as international expansion. Groundspeed will continue to put funds towards the development of AI solutions.
Groundspeed supplies commercial insurance carriers, reinsurers, and brokers with an API that enables them to transform the unstructured information held in submission documents into structured and enriched data. It claims the AI can improve the speed, accuracy and breadth of information used for commercial insurance placement and quoting.
Groundspeed founder and CEO Jeff Mason said, “The commercial insurance industry is working to digitize many of its core processes, including those for submission and underwriting.
“We are seeing increasing demand from our customers to automate the extraction and enhancement of data to support their digitization efforts. Equally, customers are seeking deeper insights from that data and we are well-positioned to help in both efforts.”
In conjunction with the deal, Insight Partners principal David Spiro and Virgin Galactic Holdings director James Ryans will join the Groundspeed Analytics board of directors.
The InsurTech previously raised $30m in its Series B funding round in 2018, which was led by Oak HC/FT.
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