Cape Analytics raises $14 million to use computer vision for better insurance quotes

Cape Analytics has raised $14 million to use computer vision and machine learning to improve automated property underwriting for insurance companies. Formation 8 led the round, with participation from XL Innovate, Data Collective, Lux Capital, Khosla Ventures, Promus Ventures, and Montage Ventures. The funding is one more application of machine learning and computer vision for business automation. Palo Alto, Calif.-based Cape Analytics starts with images of a home to help assess the home's value and allow an insurance carrier to deliver more accurate and fast quotes. The funding will allow Cape Analytics to expand its world-class engineering and sales teams as it brings its proprietary data to more regions and customers around the United States.