XL Innovate raises new funds for Cape Analytics

XL Catlin-backed insurtech venture fund XL Innovate has raised $17M in new financing for property data analytics provider Cape Analytics.

The financing round also includes backing from innovative insurance customers and partners, including The Hartford, Nephila, CSAA Insurance Group, The Cincinnati Insurance Company, and State Auto Labs Fund. These insurers join existing technology investors from current or prior rounds, including Formation 8, Data Collective, Khosla Ventures, Montage Ventures, Lux Capital, and Promus Ventures. As part of the financing round XL Innovate partner Martha Notaras will join the company’s Board of Directors.

Cape Analytics uses computers to turn current geospatial imagery into a structured database of property information in the United States. This data includes critical information such as building footprints, roof condition, and nearby hazards and allows insurers to access data on over 70 million buildings across the country, allowing them to quickly pull property information at the time of quote, choose better risks, and price policies more accurately.

Cape Analytics said that it will use the new funding to expand its sales and AI-centric product development teams as it responds to rapid growth in customer interest and adoption. In the future, the company will also look at expanding its footprint to new geographies and other applications within the insurance vertical, where significant opportunity exists to improve data quality being used by insurers to make critical decisions about their business.

“I’ve seen a number of large-scale business success stories that were contingent on strategic inflection points within the insurance industry. Cape Analytics is presaging the next major shift in insurance, towards the use of AI and real-time analytics,” said Notaras. “I have observed over the last two years as Cape Analytics has delivered on their product vision and made a tangible impact on their customers’ bottom line. We are thrilled that XL Innovate has the opportunity to lead this financing and help Cape Analytics scale further.”