Property data analytics provider Cape Analytics raises $17m in new financing - Insurance Business Review

Cape Analytics has raised $17m in a series B round of funding to bring its AI-driven property intelligence solution to more US insurers. The financing round was led by XL Innovate, an insurance technology-focused venture fund. Cape Analytic's own insurance customers and partners, including The Hartford, Nephila, CSAA Insurance Group, Cincinnati Financial, and State Auto Labs Fund also took part in the round. The insurers join existing technology investors from current or prior rounds, including Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures. As part of the financing round, XL Innovate partner, Martha Notaras, will join the company's board of directors. Cape Analytics stated that trillions of dollars are tied to real estate asses but, property related financial decisions are based on inaccurate or out-of-date information.