Insight Partners and Oak HC/FT back Groundspeed Analytics
Provider of SaaS-delivered smart submission and analytics solutions to the P&C insurance industry Groundspeed Analytics announced a Series C investment from Insight Partners with participation from existing investor Oak HC/FT.
The Groundspeed SaaS solution provides commercial insurance carriers, reinsurers, and brokers with an API that allows them to transform the unstructured information held in submission documents into structured and enriched data. Groundspeed’s technology is powered by AI and according to the company improves the speed, accuracy, and breadth of the information used for commercial insurance placement and quoting.
Groundspeed will use the proceeds for continued investment into its business and for other general corporate purposes.
“The investment from Insight Partners, the leading ScaleUp software investor, and continued partnership from Oak HC/FT speaks to the momentum we have achieved as the leader in submission intelligence solutions for commercial P&C, and the growth opportunities we see ahead. 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.” – Jeff Mason, Groundspeed’s Founder and Chief Executive Officer.
“We have been long-time admirers of Groundspeed and are impressed by the significant value that the company’s solutions deliver for brokers and carriers. We are very excited to partner with the Groundspeed team as they embark on their next phase of growth and to welcome them to the Insight portfolio.” – David Spiro, Principal at Insight Partners.
“Groundspeed has proven to be an incredibly powerful tool for brokers and carriers, enabling companies to make better decisions by automating the ingestion and enhancement of unstructured data. We are proud to continue our partnership with Groundspeed as the team expands its solutions and geographical footprint, helping more customers across the insurance industry respond to the market faster and cut millions in operational costs.” – Matt Streisfeld, Partner at Oak HC/FT.
Additionally, the Groundspeed team will welcome David Spiro, Principal at Insight Partners, and James Ryans, Director of Virgin Galactic Holdings, to the Groundspeed Board of Directors.
