State Farm Ventures having committed to support tech startups that fulfill the needs of insurance company customers announced its backing of Cape Analytics, a leading provider of AI-powered geospatial property data. Cape Analytics uses advanced technology to provide insurers and property stakeholders with valuable and accurate property attributes and data at the time of underwriting.
Cape Analytics offers the only geospatial solution that has comprehensive and accurate intelligence on the property at the time of quote, enabling the user to detect property changes over time and tie property characteristics to loss. The company holds a database with over 90 million structures across the United States, pooled together with cutting edge computer vision and machine learning algorithms to geospatial imagery.
Geospatial imagery refers to data that has a geographic or locational component to it which allows the user to also view coordinates, addresses, cities or zip codes that originate from GPS data or satellite imagery. The technology is increasingly important for urban planning and recognizing how cities are changing, as planners evaluate how new infrastructure can impact existing infrastructure and how land will be impacted both negatively and positively over time.
“State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area,” said Mike Remmes, Vice President of State Farm Ventures. As part of the financing, a representative from State Farm will be joining Cape Analytics’ newly formalized customer advisory council.
