Venture arm of largest U.S. property and casualty insurer invests in leading provider of geospatial property intelligence
Cape Analytics Secures Investment From State Farm® Ventures
Cape Analytics, the leading provider of AI-powered geospatial property data, is today announcing a significant investment by State Farm Ventures. Cape Analytics will use the investment by State Farm Ventures to accelerate the development of breakthrough solutions for property insurers leveraging geospatial analytics and other unique sources of information.
"We’ve been fortunate to build a broad base of support from the industry’s leading insurers, both as customers and as investors. We’re now privileged to have State Farm Ventures join this key group of supporters,” said Ryan Kottenstette, CEO and co-founder at Cape Analytics.
“State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area,” said Mike Remmes, Vice President of State Farm Ventures. As part of the financing, a representative from State Farm will be joining Cape Analytics’ newly formalized customer advisory council.
Cape Analytics’ property intelligence solution is derived by applying cutting-edge computer vision and machine learning algorithms to geospatial imagery. It is the only geospatial solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to improve insurer processes across the policy lifecycle. With a historical database of over 90 million structures across the United States, Cape Analytics can run time-series analyses, tie property characteristics to loss, and detect property changes over time.
To learn more, visit www.capeanalytics.com
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 57,500 employees serve approximately 85 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.