Arturo has secured $8m in a Series A funding round led by San Francisco-based capital firm Crosslink Capital to advance its ML and AI capabilities in the insurance market.
The round also received significant contribution from IAG Firemark Ventures, the venture capital fund of IAG.
Arturo intends to use the fund for the expansion of its business in North America and Asia Pacific.
The company provides structured data observations and predictions for commercial and residential properties leveraging satellite, aerial, drone, and ground-level imagery.
Arturo CEO John-Isaac Clark said: “We are extremely pleased to work with Crosslink Capital and IAG Firemark Ventures at this pivotal time. Delivering accurate property information is at the core of what we do, every day.
“By combining property images with our artificial intelligence, we can analyze and evaluate property risk at the pricing, underwriting, and renewal stages of the policy lifecycle, as well as identify which properties should be helped first and where to direct resources during natural disasters.”
Following the financing, Crosslink Capital managing partner David Silverman was appointed to the board of directors at Arturo.
Scott Gunther from IAG Firemark Ventures will be joining the board as an observer.
Crosslink Capital partner David Silverman said: “We found that Arturo hit all the buttons for our investment thesis. We were highly impressed with the leadership team and their command of the insurance industry’s needs. They have a software and data business model that is incredibly scalable, high margin and extensible.”
Arturo is a deep learning spin-out from American Family Insurance. Its deep learning models enable differentiated property data in approximately five seconds.