- Arturo — an AI-powered analytics provider of residential and commercial property characteristic data and predictive analysis — announced it raised $8 million
Arturo — an AI-powered analytics provider of residential and commercial property characteristic data and predictive analysis — announced it raised $8 million in Series A funding led by Crosslink Capital. IAG Firemark Ventures (the venture capital fund for Australia’s largest general insurer IAG) also joined the round.
After more than 3 years as an R&D component of American Family Insurance, Arturo was spun out of the company in 2018. And the company now has the ability to provide structured data observations and predictions for commercial and residential properties using satellite, aerial, drone and ground-level imagery.
Ever since the launch as a standalone company, Arturo has been recognized by leading insurance carriers as possessing the best deep-learning models that can deliver property data to its customers instantaneously and has been steadily gaining clients and recognition across the industry.
With this round of funding, Arturo will expand its business in both North America and the Asia Pacific. Around the world, residential and commercial property and casualty markets are in need of artificial intelligence and predictive analysis to provide insurance carriers with detailed property information. And the company will continue to deliver insurance solutions that save both time and money while improving productivity.
In connection with the funding, Crosslink Capital managing partner David Silverman was appointed to the board of directors. And Scott Gunther from IAG Firemark Ventures will be joining the board as an observer.
Key Quotes:
“We are extremely pleased to work with Crosslink Capital and IAG Firemark Ventures at this pivotal time. Delivering accurate property information is at the core of what we do, every day. By combining property images with our artificial intelligence, we can analyze and evaluate property risk at the pricing, underwriting, and renewal stages of the policy lifecycle, as well as identify which properties should be helped first and where to direct resources during natural disasters.”
-Arturo CEO John-Isaac Clark
“Crosslink Capital has been looking for an opportunity like Arturo for years. We found that Arturo hit all the buttons for our investment thesis. We were highly impressed with the leadership team and their command of the insurance industry’s needs. They have a software and data business model that is incredibly scalable, high margin and extensible.”
-Crosslink Capital partner David Silverman
“Arturo has demonstrated leadership in combining aerial imagery with data and AI to create a new way to assess risk and provide insurance. Together, IAG and Arturo will explore how technology can help create better experiences for our customers from quote right through to claim. We are pleased to be the first company outside the US to invest in Arturo.”
-Scott Gunther, Director of Commercial Development at IAG Firemark Ventures
