XL Innovate leads $17m financing for AI-driven Cape Analytics

Property data analytics provider Cape Analytics has raised $17 million in new financing, led by re/insurer XL Catlin-backed insurtech venture fund XL Innovate. The fresh round of funding will be used by Cape Analytics to expand its sales and AI-centric product development teams. The company said in the future it will also look at expanding its footprint to new geographies and other applications within the insurance vertical, where significant opportunity exists to improve data quality being used by insurers to make critical decisions about their business. Cape Analytics uses computer vision and machine learning to turn current geospatial imagery into an accurate structured database of property information in the US. Insurers can access data on over 70 million buildings across the country, allowing them to instantly pull property information at the time of quote, choose better risks, and price policies more accurately.