Arturo raises $25m for AI-based property insights and predictive analytics
Arturo, an AI-powered platform that generates property insights and predictive analytics using aerial and satellite imagery, has secured $25 million in a Series B funding round.
The funding round was led by Atlantic Bridge Capital. It also saw participation from RPS Ventures and existing investors IAG Firemark Ventures and Crosslink Capital.
Arturo is a deep learning spin-out from American Family Insurance. The company provides physical property characteristic data and predictive analysis for residential and commercial properties used in the property and casualty (P&C) insurance, reinsurance, securities, and lending markets.
John-Isaac Clark (JC) – CEO of Arturo said: “Our insurance clients are already using our technology to bolster their quoting, underwriting, and claims processes, but with an increasingly granular level of property information available in real time, we can envision insurers improving their customer responsiveness, offering things like a ‘safe driver discount’-type bonus for a client whose property’s condition is well-maintained.
“A deeper property understanding stands to benefit virtually every building stakeholder, and this capital infusion will enable us to accelerate our product roll-out to serve a growing array of business sectors and geographic markets.”
Arturo raises $25m for AI-based property insights and predictive analytics. Image courtesy of Business Wire.
The company will use the proceeds from the Series B round for expanding its technical team for refining its technology, which pulls out property data from the latest satellite, aerial, stratospheric, and ground-level imagery, and also unique proprietary data sources, in five seconds or more.
Arturo will also use the funds for further making partnerships with imagery providers to provide coverage in Europe and Southeast Asia and grow its client base of property and casualty insurers.
In the next few months, Arturo will also look to introduce its offering to the commercial property sector and other businesses like banks, other financial institutions, and asset managers among others that engage with the built environment.
Sunir Kapoor – Operating Partner at Atlantic Bridge Capital said: “Over the past twelve months, Arturo increased its revenue over 300%, which speaks directly to the tangible value it offers to leading insurers.
“With these new client wins, Arturo now counts among its clients two of the top five P&C insurers in the US, in addition to the two leading insurers in the Australian market. With the success that jC and his team have had onboarding several new clients fully remotely over the past year, we’re confident in Arturo’s continued expansion in bringing AI to the insurance industry and beyond.”