Cape Analytics secures investment from State Farm Ventures
Cape Analytics , a provider of AI-powered geospatial property data, is announcing a “significant investment” by State Farm Ventures. Cape Analytics will use the investment by State Farm Ventures to accelerate the development of breakthrough solutions for property insurers leveraging 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. We’re now privileged to have State Farm Ventures join this key group of supporters.” – Ryan Kottenstette, CEO and co-founder at Cape Analytics.
“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.” – Mike Remmes, Vice President of 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’ property intelligence solution is derived by applying computer vision and machine learning algorithms to geospatial imagery. It is the only geospatial solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to improve insurer processes across the policy lifecycle. With a historical database of over 90 million structures across the United States, Cape Analytics can run time-series analyses, tie property characteristics to loss, and detect property changes over time.