Insurance data and machine learning platform Groundspeed Analytics has closed a $2m Series A round.
InsurTech and FinTech investor ManchesterStory led the round with Michigan Angel Fund and Tappan Hill Ventures also participating.
The Ann Arbor-based business aims to turn insurance data into actionable information for brokers and carriers to improve their financial performance.
The company aims to use machine learning and AI to convert loss runs, exposure documents and policy files into common format data that it can visualise through a client-facing dashboard.
ManchesterStory managing partner Matt Kinley said: “Groundspeed’s revolutionary machine learning platform has connected strongly with clients seeking to turn static documents, like loss runs, into actionable insight.
“We believe brokers and insurance companies will continue to embrace Groundspeed’s technology solution to a persistent problem throughout the commercial insurance vertical.”
The round takes the company’s total funding to $2.4m and will be used to invest in sales, marketing and product development.
Groundspeed CEO Jeff Mason commented: “As an industry, we’re just beginning to understand how powerful machine learning is, and how it can rapidly accelerate financial performance.
“Having the financial support, domain expertise, and industry relationships of a leading InsurTech investor like ManchesterStory Group will help us to execute our vision even more rapidly.”
This article first appeared on FinTech.Global. For more deal news as well as in-depth expert perspectives, articles, data and analysis please visit www.fintech.global.
Copyright © 2017 FINTECH GLOBAL