American Family Insurance spinout Arturo pulled in $25 million in venture financing – a big boost to the company’s AI-driven, property-centric predictive analytics platform.
“A deeper property understanding stands to benefit virtually every building stakeholder, and this capital infusion will enable us to accelerate our product roll-out to serve a growing array of business sectors and geographic markets,” Arturo CEO John-Isaac “jC” Clark said in prepared remarks.
Atlantic Bridge Capital led the Series B round, though RPS Ventures also participated, along with existing investors Crosslink Capital and IAG Firemark Ventures (the VC fund for Australia’s largest general insurer IAG).
Arturo raised its $8 million series A round in April 2020.
Arturo spun out of American Family Insurance in 2018. The company describes itself as a “deep learning” startup that produces highly accurate physical property characteristic data and predictive analysis for residential and commercial properties. The company draws its data from the latest satellite, stratospheric, aerial and ground-level imagery, as well as unique proprietary data sources – a process it says can take as little as five seconds.
Arturo’s target customers: the property/casualty insurance, reinsurance, lending and securities markets.
Chicago-based Arturo plans to use the money to expand its technical team and also focus on further development of its core technology. As well, executives also plan to expand partnerships with imagery providers to offer coverage in Europe and Southeast Asia, and there’s also a goal of expanding the company’s property/casualty insurer client base.
Additionally, Arturo expects to roll out its offering to the commercial property sector as well as other businesses “that engage with the built environment” including banks, other financial institutions and asset managers.
Along with the new funding round, Arturo appointed two new board members: Sunir Kapoor of Atlantic Bridge, who brings a background in growing technology businesses to enterprise scale; and Samantha Wang of RPS, a board observer, who brings expertise working with technology companies in the U.S. and Asia.
Arturo recently announced partnerships with stratospheric imagery providers Urban Sky and Near Space Labs to bolster the frequency of its high-resolution image collection and to expand coverage in remote areas. It also announced the appointment of Roman Buegler to VP of research and development and Daniela Moody to VP of artificial intelligence.
Source: Arturo