InsurTech startup Betterview raised $7.5 million in new funding to fuel expansion of its AI technology that helps P/C carriers spot and manage property risk.
Guidewire Software led the round, which brings the company’s total venture capital tally to $17 million. Nationwide, EMC Insurance Companies, Maiden Re, Compound, Winklevoss Capital and Chestnut Street Ventures also participated in the latest financing.
Guidewire’s participation in the funding round expands an existing relationship
Betterview’s software is designed for property underwriters, loss control specialists, and claims staff, who use it to better understand individual properties in order to improve outcomes for insureds, agents and carriers. The company initially launched in 2014 with a focus on developing a drone-based property inspection platform and service. It launched its risk management platform in July 2018, which relies on machine learning, computer vision and geospatial data to deliver data, analysis and insights on U.S. commercial and residential properties.
The company’s property data can be accessed via application program interface and user interface.
Betterview co-founder and CEO David Lyman said the company was happy to expand its relationship with Guidewire, as both companies have “a mutual commitment to advancing the success of P/C carriers.”
Betterview said it is now supporting twenty companies in production to help them manage their property risk every day. These companies work with Betterview to successfully leverage the value of geospatial imagery and other data in their workflow at scale, the company said.