- Betterview, a company that is becoming essential to every transaction around buildings, announced it closed a $4.5 million Series A funding round
- This round of funding was led by ManchesterStory and brings the company’s total to $10 million in funding
Betterview is a company that is becoming essential to every transaction around buildings and properties. And recently, Betterview announced it closed $4.5 million in Series A funding. Including this round, Betterview has raised a total of $10 million.
The Series A round was led by ManchesterStory. Nationwide Ventures, EMC Insurance, Maiden Re, and Compound also participated in this round. Betterview also announced it added ManchesterStory Group managing partner David Miles and Guidewire Software CMO Brian Desmond to its board of directors.
“We are pleased to announce the close of our Series A round. We have been putting this capital to great use by growing our team, including three new hires on our Data Science team,” said Betterview CEO and co-founder David Lyman. “Betterview is also extremely fortunate to have Dave Miles and Brian Desmond join our Board of Directors. Dave knows the InsurTech space inside and out, and Brian has been instrumental in scaling Guidewire from a startup to the insurance industry’s leading software company over the past thirteen years.”
Launched in 2014 as a drone-based property inspection platform by technology and insurance entrepreneurs Lyman and David Tobias, Betterview unveiled its risk management platform for customers who have been looking for a quicker and more cost-effective way for getting an overview of buildings and properties.
And Betterview’s property data is accessible via API and UI. And the company’s risk score has been proven to be correlated to property losses, allowing carriers to disqualify properties that do not meet specific underwriting criteria, fast-track policies that exceed underwriting standards, and manage risk around the ones that fall in between.
The appointment of Desmond was based on a shared vision of focusing first and foremost of helping customers solve their needs when working with them as a vendor. Ever since Desmond joined Guidewire in 2006, it was a startup with a few dozen people and that company was recently recognized as the industry’s leading software company serving more than 350 primary insurers in more than 30 countries.
“We are always looking to partner with market-leading companies in the InsurTech space,” added Miles. “With over 70 million commercial and residential properties in the United States, insurers need to aggregate dozens of structured and unstructured data sources in order to gain a better understanding of these properties. Betterview addresses a significant need for P&C insurers through its proprietary application of machine learning and computer vision to generate actionable information so insurers can quickly and more accurately assess and price risk, creating a better experience for their customers.”
“I’m honored to join the Betterview team as a member of the board of directors,” explained Desmond. “Betterview’s mission, value proposition, and momentum situate the company well as P&C insurers increasingly seek to work with InsureTechs that add demonstrable value throughout the lifecycle. I look forward to doing my part to help the team realize that potential.”