Gradient AI, a Boston, MA-based enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, raised $56.1m in Series C funding.
The round was led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
The company intends to use the funds for product development to continue driving innovation and efficiency in the insurance industry and to further bolster customer success and sales functions. The new capital will be used to:
- Invest in research and development to continue driving AI innovation in the insurance market to further extend the company’s technological leadership
- Improve and develop new features and functionality for the existing product suite
- Launch new products to expand the range of solutions for P&C and Health insurers
Led by Stan Smith, CEO, Gradient AI is a provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions predict underwriting and claim risks with accuracy, as well as reduce quote turnaround times and claim expenses through intelligent automation. Its software-as-a-service (SaaS) platform leverages a vast industry data lake comprising tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic, and demographic information. Customers include some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insured employers across all major lines of insurance.
FinSMEs
30/07/2024