Gries Investment Funds and Tampa Bay Ventures led the oversubscribed round. Credit: Alexander Mils on Unsplash

American homeowners insurance technology firm Slide has received $100m financing in a Series A round to fuel growth.

Gries Investment Funds and Tampa Bay Ventures led the oversubscribed round. Skyway Capital Markets acted as the adviser.

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Using the infusion, the firm plans to speed up the development of its data-driven technology.

Slide co-founder and chief scientific adviser Hassan Sawaf said: “Slide has an unmatched mix of deep insurance domain knowledge, historical data, and world-leading artificial intelligence, machine learning, and applied science.

“While peer companies are still trying to understand insurance optimisation and consumer behaviour, our experience, and Big Data allows us to drive positive outcomes from the very beginning.”

Florida-based Slide uses artificial intelligence as well as Big Data to offer personalised offerings.

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Slide founder and CEO Bruce Lucas said: “Big Data is the key to our technological advantage. It is impossible to have credible artificial intelligence and machine learning without it.

“Not only can we make better underwriting decisions, we can provide more options for the consumer. Modern consumers expect more, even from insurance, and Slide is primed to deliver.”

Earlier this month, another US insurtech GetCovered raised $7m in a Series A funding round. The fundraising was led by RET Ventures.

Also, recently, insurance claims monitoring platform owl.co Labs secured $30m investment in a Series-B round led by Cota Capital.