(Image credit: Noah M. Friedlander.)
Cape Analytics (Mountain View, Calif.), a provider of AI-powered geospatial property data, has announced a significant investment in the company by State Farm Ventures (part of State Farm; Bloomington, Ill.). Cape Analytics says it will use the investment by State Farm Ventures to accelerate the development of “breakthrough” solutions for property insurers using 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,” comments Ryan Kottenstette, CEO and co-founder, Cape Analytics. “We’re now privileged to have State Farm Ventures join this key group of supporters.”
Leading, Differentiated Technology Company
“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,” comments Mike Remmes, VP, 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 describes its property intelligence solution as derived by applying cutting-edge computer vision and machine learning algorithms to geospatial imagery. The vendor claims to be the only geospatial solution offering comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to improve insurer processes across the policy lifecycle. Owing to its historical database of over 90 million structures across the United States, Cape Analytics says can run time-series analyses, tie property characteristics to loss, and detect property changes over time.