Cape Analytics, a provider of accurate, up-to-date property data for insurers and reinsurers, secured $17 million in new financing led by XL Innovate, an insurance technology-focused venture fund. The round also included backing from The Hartford, Nephila, CSAA Insurance Group (a AAA insurer), The Cincinnati Insurance Company, State Auto Labs Fund, 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.
The funding will be used by Cape Analytics to expand its sales and AI-centric product development teams, and expand its footprint to new geographies and other applications within the insurance vertical.