Groundspeed Analytics, an insurance technology company specializing in artificial intelligence and data science solutions, closed a $30 million Series B funding round led by Oak HC/FT.
Founded in 2016, Groundspeed focuses on solving the $800 billion global commercial property and casualty insurance industry’s toughest data challenge—unlocking the value of unstructured information. Groundspeed Adaptive Data Pipeline™ is designed to enable its carrier, broker, and MGA clients to improve margins, identify underwriting profit pools, and enhance customer experience. The company’s automation and analytics platform helps eliminate 90% of administration expenses while improving underwriting and analytics efficiency.
The company plans to use the funds to expand products and reach, as well as grow its 40-person data science and engineering team.