US-based property data startup Cape Analytics has raised $17m in a round led by XL Innovate, a corporate venturing subsidiary of insurance firm XL Catlin.
The round included fellow insurers and reinsurers Hartford, CSAA Insurance Group, Cincinnati Insurance Company and State Auto Labs, which took part through State Auto Labs Fund, as well as insurance risk-focused investment manager Nephila.
Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital and Promus Ventures also participated.
Founded in 2014, Cape Analytics has developed software that uses geospatial imagery, computer vision and artificial intelligence (AI) technology to generate and provide property data for property stakeholders such as insurance providers.
Insurers can use the platform to access data on more than 70 million buildings across the US. Cape Analytics has expanded its coverage from Florida alone to nearly every single-family home in the country over the past year, it said.
XL Innovate had previously contributed to a $14m round in late 2016 that was led by Formation 8 with participation from Data Collective, Lux Capital, Khosla Ventures, Promus Ventures and Montage Ventures.
Martha Notaras, a partner at XL Innovate, will join the board of directors at Cape Analytics. She said: “Cape Analytics is presaging the next major shift in insurance, towards the use of AI and real-time analytics.”