Property analytics startup Arturo raises $25 million
Arturo , an AI-powered platform that derives property insights and predictive analytics from aerial and satellite imagery, raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures – the venture capital fund for IAG, Australia’s largest general insurer.
Arturo is a deep learning spin-out from American Family Insurance that delivers physical property characteristic data and predictive analysis for residential and commercial properties for use in P&C insurance, reinsurance, lending, and securities markets .
With the capital in hand, Arturo plans to expand its technical team to refine its technology, which extracts property data from the latest satellite, stratospheric, aerial, and ground-level imagery, as well as unique proprietary data sources. The round will also enable the company to further establish partnerships with imagery providers to offer coverage in Europe and Southeast Asia and expand its client base of property and casualty insurers. In the coming months, the company also aims to roll out its offering to the commercial property sector and other businesses that engage with the built environment, including banks, other financial institutions, asset managers, among others.
Since spinning out from American Family Insurance to become commercially available in 2018, Arturo has completed over 35 million on-demand property analyses for customers in North America and Oceania. As it has rolled out its platform to a growing number of clients, the company has also refined its technology, which increased the number of property attributes it can extract from aerial photographs to 71 within the past 18 months.
“Arturo’s vision is to revolutionize the way businesses interact with properties by providing greater transparency into a building’s physical make-up, and we believe we’re only scratching the surface in terms of the level of value we can bring to our customers. Our insurance clients are already using our technology to bolster their quoting, underwriting, and claims processes, but with an increasingly granular level of property information available in real time, we can envision insurers improving their customer responsiveness, offering things like a ‘safe driver discount’-type bonus for a client whose property’s condition is well-maintained. A deeper property understanding stands to benefit virtually every building stakeholder, and this capital infusion will enable us to accelerate our product roll-out to serve a growing array of business sectors and geographic markets.” – John-Isaac Clark, CEO, Arturo.