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Cape Analytics, a Mountain View, CA-based vendors of a exact and updated property information for insurers and reinsurers, brought $17M up in financing.
The round was driven by XL Innovate with cooperation from The Hartford, Nephila, CSAA Insurance Group, The Cincinnati Insurance Company, and State Auto Labs Fund, which joined existing investors Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures. In conjunction with the financing, XL Innovate Partner, Martha Notaras, will join Cape Analytics' BOard of Directors.
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"I’ve seen a number of large-scale business success stories that were contingent on strategic inflection points within the insurance industry. Cape Analytics is presaging the next major shift in insurance, towards the use of AI and real-time analytics,” said Martha Notaras, Partner at XL Innovate and Cape Analytics Board Director. “I have observed over the last two years as Cape Analytics has delivered on their product vision and made a tangible impact on their customers' bottom line. We are thrilled that XL Innovate has the opportunity to lead this financing and help Cape Analytics scale further.”
“When we evaluate venture opportunities at The Hartford, we look for companies with distinctive capabilities, a forward-thinking, execution-focused management team, and the ability to add meaningful value to our core businesses,” said John Wilcox, Chief Strategy and Ventures Officer at The Hartford. “Cape Analytics checks all of these boxes, and we are excited to be an investor and partner of theirs.”
“We had the privilege to choose the entities that invested in this round of funding. As such, we have deliberately prioritized forward-thinking customers who provide critical product insight and reflect our customer-driven philosophy,” said Ryan Kottenstette, CEO and Co-Founder of Cape Analytics. “This funding also recognizes our leadership in the residential property intelligence space as the only provider of accurate, instant, and up-to-date property data.”
The organization means to utilize the assets to extend its sales and AI-driven item improvement groups, develop its essence to new geographies and different applications inside the protection vertical.
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