An American Family spinout raised $8 million in Series A financing that will help expand the reach of its residential and commercial property characteristic data and predictive analysis products. CHAMPtitles, an Ohio InsurTech startup that digitizes vehicle titles and the process to acquire them, has raised a little over $5 million from multiple investors.
American Family Insurance spinout Arturo raised $8 million in venture financing that will help expand the reach of its residential and commercial property characteristic data and predictive analysis products.
Crosslink Capital, an early-stage venture capital firm in San Francisco, led the Series A financing. IAG Firemark Ventures also participated; it is the venture capital fund for IAG – Australia’s largest general insurer. The cash infusion will Help Arturo expand its business in North America and the Asia Pacific region.
Arturo combines property images with artificial intelligence, allowing it to analyze and evaluate property risk at the pricing, underwriting and renewal stages of the policy lifecycle. Arturo can provide structured data observations and predictions for commercial and residential properties using satellite, aerial, drone and ground-level imagery.
The company spun out on its own in 2018, after three-plus years as a research and development component of American Family.
CHAMPtitles, an Ohio InsurTech startup that digitizes vehicle titles and the process to acquire them, has raised a little over $5 million from multiple investors.
The company said its investment money will help further improve its technology and also enable sales force and marketing expansion efforts.
This is the first outside investment the company has sought. CHAMPtitles is the first company launched by Ownum, the technology holding company started by entrepreneurs Bernie Moreno and Shane Bigelow in 2018.
According to the company, CHAMPtitles will streamline and make secure the slow, costly and inefficient legacy systems of managing vehicle titles. It uses a Blockchain Encrypted Ledger That’s Executable and Distributed, a BELTED system, to create a trusted marketplace in which all disparate parties are linked in a secure and immutable way. This allows electronic verification for each party’s relevance and stake in the title transaction.
Sources: Arturo, CHAMPtitles