Groundspeed Analytics, an Ann Arbor-based insurance technology company specializing in artificial intelligence and data science solutions to the global commercial property and casualty insurance industry, Thursday announced a $30-million Series B funding round led by Oak HC/FT.
The investment will be used to continue to expand products and reach and grow the 40-person data science and engineering team.
“We are thrilled to partner with Oak HC/FT as we embark on our next phase of growth,” says Jeff Mason, co-CEO of Groundspeed. “Given Oak HC/FT’s deep expertise in InsurTech and extensive network of industry leaders, we are confident that this new association will help Groundspeed aggressively expand our products and reach to help brokers and carriers unlock the tremendous value trapped in their unstructured information.”
The company was founded in 2016 and focuses on unlocking the value of unstructured information. Groundspeed Adaptive Data Pipeline enables its carrier, broker, and MGA clients to improve margins, identify underwriting profit pools, and enhance customer experiences. Groundspeed’s automation and analytics platform helps eliminate 90 percent of administration expenses while improving underwriting and analytics efficiency, delivering 10 times the data with 99 percent accuracy.
“Groundspeed’s Adaptive Data Pipeline has proven to be incredibly powerful,” says Andrew Robinson, co-CEO of Groundspeed. “The Series B funding will allow us to continue to enhance this service and further respond to the range of analytic products and services our clients are asking us to provide. I couldn’t be more excited to work with Jeff and the Groundspeed team as we undertake this next step in our journey.”
Before joining Groundspeed as co-CEO, Robinson served as executive in residence at Oak HC/FT, where he will continue as a senior adviser to the company. Matt Streisfeld and Michael Heller of Oak HC/FT have also joined the board of directors.
“Groundspeed gives us the opportunity to invest in a team that brings proven insurance-industry expertise,” says Streisfeld. “We look forward to our continued partnership with the entire Groundspeed team as we further expand the company’s footprint.”
Oak HC/FT is a venture growth-equity fund investing in health care information and services, as well as financial services technology. It was founded in 2014 and has $1.1 billion in assets under management.
Groundspeed is also based in Atlanta.