NovaData Solutions has secured Series A funding to advance its AI-driven software for property restoration invoice analysis.
The US-based insurtech company’s financing was led by Activate Venture Partners, with contributions from Ben Franklin Technology Partners and other investors.
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NovaData has earmarked the undisclosed capital infusion for improving the company’s software, expanding market reach and expediting growth.
The Rest-Assured platform by NovaData Solutions automates the review and analysis of property restoration invoices.
It uses AI to pinpoint cost-saving opportunities and identify potential overcharges.
This innovation is said to modernise the manual review process prevalent in the insurance industry and among commercial property owners.
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By GlobalDataThe insurance sector, which currently relies on a manual review process for property restoration claims, is believed to suffer significant financial leakage.
NovaData claims that its platform addresses this issue by potentially saving the industry an estimated 15–30% in overpayments, which amounts to more than $2bn annually.
NovaData Solutions co-founder and president Chris Troy said: “As we embark on this exciting next chapter, we are confident that with support from our existing and new investors, NovaData Solutions will reach new heights of success. We are excited about the opportunities that lie ahead and are committed to driving continued innovation and growth.”
Activate venture partner Jeff Davison said: “NovaData Solutions has demonstrated impressive growth potential and a clear vision for the future. We are excited to be a part of the NovaData team and look forward to contributing to their ongoing success.”
Launched in October 2022, the Rest-Assured platform underwent a six-month beta phase with industry giants AXA XL and Swiss Re.
During the beta phase, the platform identified leakage in 75% of AXA XL’s invoices.
Additionally, Swiss Re utilised the platform to assess approximately $72m (SFr64.27m) worth of invoices for 69 schools affected by Hurricane Ida.
