ANN ARBOR, Mich., Jan. 6, 2021 /PRNewswire/ — Groundspeed Analytics, a foremost company of SaaS-delivered clever submission and analytics answers to the home & casualty insurance policies marketplace, today declared a Series C investment from primary expenditure business Perception Partners with participation from existing trader Oak HC/FT to accelerate item growth and increase adoption of its transformational software package alternative.
The Groundspeed SaaS alternative supplies business insurance carriers, reinsurers, and brokers with a easy API that enables them to change the unstructured data held in submission files into structured and enriched facts. Groundspeed’s innovative technological innovation is powered by AI and increases the pace, precision, and breadth of the details applied for professional coverage placement and quoting. A lot easier access to critical data is key to the electronic transformation of Groundspeed’s buyers, professional insurers and brokers all over the planet. Groundspeed will help buyers improve danger choice, lessen expenses, and compose more organization.
Groundspeed will use the proceeds for ongoing investment into its organization and for other typical company applications. The new motivation of capital will come as the corporation continues to devote greatly in merchandise enhancement, artificial intelligence answers, and intercontinental growth. Groundspeed continues to get market share, as evidenced by sturdy expansion in SaaS revenue yr in excess of calendar year.
“The financial commitment from Insight Partners, the foremost ScaleUp software package trader, and ongoing partnership from Oak HC/FT speaks to the momentum we have accomplished as the leader in submission intelligence methods for industrial P&C, and the progress chances we see forward,” claimed Jeff Mason, Groundspeed’s Founder and Chief Govt Officer. “The commercial insurance business is functioning to digitize quite a few of its main procedures, like these for submission and underwriting. We are viewing growing need from our consumers to automate the extraction and improvement of info to assistance their digitization attempts. Similarly, buyers are looking for deeper insights from that data and we are effectively-positioned to aid in the two initiatives.”
“We have been prolonged-time admirers of Groundspeed and are impressed by the sizeable benefit that the firm’s alternatives supply for brokers and carriers,” mentioned David Spiro, Principal at Insight Partners. “We are extremely psyched to husband or wife with the Groundspeed crew as they embark on their subsequent section of progress and to welcome them to the Perception portfolio.”
“Groundspeed has established to be an amazingly impressive software for brokers and carriers, enabling companies to make superior choices by automating the ingestion and improvement of unstructured information,” mentioned Matt Streisfeld, Companion at Oak HC/FT. “We are proud to carry on our partnership with Groundspeed as the group expands its methods and geographical footprint, assisting a lot more consumers throughout the insurance policy marketplace answer to the market a lot quicker and lower hundreds of thousands in operational fees.”
In addition, the Groundspeed workforce will welcome David Spiro, Principal at Perception Partners, and James Ryans, Director of Virgin Galactic Holdings, to the Groundspeed Board of Directors.
About Groundspeed Analytics
Groundspeed Analytics is a main company of SaaS-delivered submission and placement technological know-how to the commercial P&C marketplace. By accessing Groundspeed’s API, the firm’s organization information pipeline option, insurance coverage carriers and brokers are able to automate the ingestion and enrichment of details held in unstructured submission documents. Groundspeed’s thorough solutions are readily available via API. For more information, visit www.groundspeed.com.
About Perception Partners
Insight Companions is a foremost global enterprise cash and private fairness business investing in high-expansion technological know-how and program ScaleUp organizations that are driving transformative modify in their industries. Established in 1995, Perception Companions has invested in more than 400 providers throughout the world and has lifted by way of a series of cash additional than $30 billion in money commitments. Insight’s mission is to discover, fund, and work successfully with visionary executives, giving them with useful, fingers-on software program abilities to foster long-term achievement. Across its people today and its portfolio, Perception encourages a culture about a perception that ScaleUp firms and advancement build possibility for all. For far more information and facts on Insight and all its investments, visit Insightpartners.com or adhere to us on Twitter @insightpartners.
About Oak HC/FT
Launched in 2014, Oak HC/FT is the leading venture development-fairness fund investing in Health care Information & Companies (“HC”) and Money Products and services Engineering (“FT”). With $1.9 billion in assets less than management, we are centered on driving transformation in these industries by furnishing business people and businesses with strategic counsel, board-level participation, enterprise system execution and entry to our considerable network of field leaders. Oak HC/FT is headquartered in Greenwich, CT, with places of work in Boston and San Francisco. Stick to Oak HC/FT on Twitter, LinkedIn, and Medium.
Resource Groundspeed Analytics