Insurance technology startup Groundspeed Analytics, armed with $30 million in new venture financing, plans to hire more people and expand its product roster.
The Michigan-based company (offices are in Ann Arbor and Atlanta) is centered around its automation and analytics platform dubbed the Groundspeed Adaptive Data Pipeline. Executives describe it as something that eliminates 90 percent of administration expenses while improving underwriting and analytics efficiency for commercial insurance. Groundspeed asserts that the technology delivers 10 times the data as current practices with a 99 percent accuracy rate.
Oak HC/FT led the series B round. Beyond product expansion, Groundspeed plans to expand its 40-person data science and engineering team.
Groundspeed, founded in 2016, markets its technology to carrier, broker, and MGA clients as something that can improve margins, identify underwriting profit pools, and enhance customer experience. Groundspeed is essentially a data analytics company, according to the company website. It uses machine learning and other methods to structure unstructured data so that it can be readily used by organizations to realize their information advantage.
Oak HC/FT is a venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”).
Source: Groundspeed Analytics, Oak HC/FT