State Farm’s venture arm invests in Cape Analytics investment
Cape Analytics, a provider of AI-powered geospatial property data, has received a sizable investment from State Farm Ventures, the venture arm of American P&C insurer State Farm. invests
Cape Analytics plans to use the investment’s revenues to quicken the creation of innovative solutions for property insurance companies that make use of geospatial analytics and other distinctive sources of data.
The CEO and co-founder of Cape Analytics, Ryan Kottenstette, stated: “We’ve been fortunate to develop a broad base of support from the sector’s top insurers, both as customers and as investors. State Farm Ventures has now had the honor of joining this important network of sponsors.
According to Cape Analytics, its property intelligence product is created using geospatial imagery and cutting-edge computer vision and machine learning algorithms.
“State Farm has been paying particular attention to the burgeoning geospatial AI market and recognized Cape Analytics as the premier and differentiating technology business in that area,” continued Mike Remmes, Vice President of State Farm Ventures.
State Farm will send a representative to the newly created consumer advisory group that Cape Analytics has created as part of the funding.
Cape Analytics plans to use the investment’s revenues to quicken the creation of innovative solutions for property insurance companies that make use of geospatial analytics and other distinctive sources of data.
The CEO and co-founder of Cape Analytics, Ryan Kottenstette, stated: “We’ve been fortunate to develop a broad base of support from the sector’s top insurers, both as customers and as investors. State Farm Ventures has now had the honor of joining this important network of sponsors.
According to Cape Analytics, its property intelligence product is created using geospatial imagery and cutting-edge computer vision and machine learning algorithms.
