We're excited to participate in Cape Analytics' $14 million round to expand their engineering and sales teams, add technical features and scale their platform to offer nationwide coverage. Formation 8 led the round, with participation from XL Innovate, Data Collective, Lux Capital, Khosla Ventures and Montage Ventures.
Ryan Kottenstette and Suat Gedikli, the co-founders of Cape Analytics, combine deep industry and technical expertise to improve automated property underwriting for insurance companies using computer vision, artificial intelligence and machine learning. Insurers want to provide fast, accurate and hassle-free quotes to customers. Traditionally, these quotes are based on unreliable or incomplete data from public records, or on manual and expensive in-person reports from property inspectors.
Cape Analytics has developed a cloud-based platform that provides near inspection-quality data on high-value property features – instantaneously and at scale – for entire property portfolios. The team analyzes satellite and outdoor geo-imagery to understand and extract structured data, which can include square footage of a home’s footprint, roof condition and material, skylights, solar panels and many other property attributes. This helps insurers provide a more accurate quote for home owners.
CEO Ryan Kottenstette was previously an investor with Khosla Ventures and has incubated several technology companies applying computer vision and artificial intelligence to industries ranging from shipping logistics to agriculture to healthcare. CTO Suat Gedikli, is an expert in image processing, 3D processing, state estimation and machine learning.