Hosta.ai, an artificial intelligence property assessment technology startup, has raised $11.5 million in new venture capital from a group of investors including USAA and The Cincinnati Insurance Company.

The Boston-based company’s remote property assessment platform targets insurers, contractors and home improvement companies across North America. It uses AI spatial and material analysis to automate property assessments from a few simple photo, according to the company.

Eclipse Ventures led the round. In addition to USAA and The Cincinnati Insurance Company, Brick & Mortar, Spider Capital, Motivate and Massive also participated.

Including the new round, Hosta.ai has raised a total of $15 million. The company debuted in 2020.

“We built Hosta.ai to accelerate every industry that needs fast and accurate data about the built environment,” Henriette Fleischmann, COO of Hosta.ai, said in prepared remarks. “With AI-powered room assessments, companies don’t need to send someone onsite and can instead get all the information they need from just a few photos uploaded by the homeowner or property manager.”

Michael Smith, AVP for Corporate Development at USAA said having AI-driven room assessments would be a huge advantage over traditional practices of sending a person onsite to assess property damage or get data needed to underwrite a new policy.

“There’s a compelling business case for insurers to improve the experience for policyholders while eliminating excess cost by leveraging AI-powered remote property assessments for claims and policies,” Smith said in prepared remarks.

Source: Hosta.ai