Property data company Cape Analytics has picked up $14m in a new funding round led by Formation 8.
Contributions to the round also came from Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus Ventures and Montage Ventures.
The capital will be used to grow the company’s engineering and sales teams as it expands around the US.
The Silicon Valley-based firm aims to leverage geospatial imagery, computer vision, and machine learning to generate property data.
It is initially targeting the technology at insurers, who currently assess risk and offer quotes based on out-dated public records and expensive in-person surveillance.
Cape Analytics is designed to enable them to generate quotes faster and more accurately.
Formation 8 general partner Shirish Sathaye will join the company’s board as a result of the deal.
The company was founded in 2014 Ryan Kottenstette, who was previously an investor at Khosla Ventures.
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