(Photo credit: Sumeet Moghe.)
Carpe Data, a Santa Barbara, Calif.-based startup focused on next-generation data products for the insurance industry has closed $6.6 million in Series A funding, led by Aquiline Technology Growth (ATG, New York), with participation from Carpe Data’s existing investors. The new capital will be used to bring Carpe Data’s suite of predictive data products and tools to more insurers as well as broaden and accelerate new product development, according to a company statement.
“Carpe Data’s offering is well-timed to meet the growing interest in real time, web and social data to assist in the underwriting and claims process, among other areas,” comments Max Chee, ATG. “We believe the compelling ROI for Carpe’s customers will drive broader market adoption of new sources of data, leading to more accurate predictions, lower costs and new product capabilities for insurers. Carpe Data’s technology, using proprietary datasets and algorithms, is proven at scale to be valuable across the entire insurance policy lifecycle.”
Carpe Data contextualizes the Series A financing within its recent company spinoff of Social Intelligence. Carpe Data relaunched in October 2016 to focus solely on the insurance data market. The company statement characterizes Carpe Data as now being in growth mode, witnessing an increasing uptake for its products that serve property/casualty and life insurance companies. The company reports that it has gained “dozens” of new customers during the past year, while tripling revenue. Carpe Data reports that it is also adding and expanding partnerships with the major data providers to enable faster and broader distribution of its core products.
“The insurance industry is rapidly shifting to meet changing customer needs and behaviors,” comments Max Drucker, CEO, Carpe Data. “Our transformational data products are the future of InsureTech, enabling carriers to assess risk with an entirely new lens.”
Optimizing the Identification of Fraud
“This Series A equity round from ATG allows us to define this new category of data to provide the rating elements and underwriting rules of the future and optimize the identification of fraud and abuse,” Drucker continues. “Their financial support, domain expertise and relationships will be extremely beneficial to us as we continue to grow.”