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April 21, 2021

US insurtech Gradient AI receives $20m Series B investment

Gradient AI, which offers AI solutions for the insurance industry, has secured $20m funding in a Series B round led by American Family Ventures.

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How attractive are current investment opportunities in Europe?

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  • Track the M&A and Capital Raising volumes into their target market
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by GlobalData
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Besides, principals from Stone Point Capital, as well as BSC Capital joined the round.

Current backers MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures also participated.

American Family Ventures managing director Kyle Beatty will now join Gradient’s board.

Beatty has previously held senior roles at Verisk Analytics, Willis Towers Watson, and Risk Management Solutions.

His areas of expertise include insurtech, data analytics, as well as enterprise software platforms.

US-based Gradient AI will use the fresh funds to expand its product suite and speed up its customer acquisition strategy.

BSC Capital managing partner Tim Scallen said: “Gradient’s leading technologies are well suited not only for their core market of workers comp, but also for adjacent markets such as healthcare, which has historically taken a reactive, paper-based approach to managing risk and controlling costs.”

Gradient AI claims that its AI solutions enables commercial insurers to automate underwriting results and lower claim costs.

Last year, Sapiens International teamed up with Gradient AI to apply predictive insights to workers’ compensation underwriting and claims processes.

Commenting on the infusion, Gradient AI general manager Jeff Snider said: “With this next round of funding, we can accelerate our aggressive hiring plan so that we can continue to expand our solution set with more models in more insurance lines of business.

“We’re constantly looking to add the most qualified and most creative data scientists, data engineers, software engineers and others who are passionate about revolutionising the insurance industry with even more accurate artificial intelligence-driven capabilities on both the underwriting and claims sides.”

 

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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