Arturo, a U.S.-based AI-powered platform that derives property insights and predictive analytics from aerial and satellite imagery, announced on Tuesday it secured $25 million through its Series B funding round, which was led by Atlantic Bridge Capital with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
Arturo describes itself as a deep learning spin-out from American Family Insurance relentlessly committed to delivering highly accurate physical property characteristic data and predictive analysis for residential and commercial properties for use in the Property & Casualty (P&C) Insurance, Reinsurance, Lending, and Securities markets. John-Isaac Clark, CEO of Arturo, further explained:
“Our insurance clients are already using our technology to bolster their quoting, underwriting, and claims processes, but with an increasingly granular level of property information available in real time, we can envision insurers improving their customer responsiveness, offering things like a ‘safe driver discount’-type bonus for a client whose property’s condition is well-maintained. 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.”
In regards to the plans to use the investment round’s funds, Arturo added it plans to expand its technical team to refine its industry-leading technology, which extracts valuable property data from the latest satellite, stratospheric, aerial, and imagery, as well as proprietary data sources. The company added:
“The round will also enable the company to further establish partnerships with imagery providers to offer coverage in Europe and Southeast Asia and expand its client base of leading property and casualty insurers. In the coming months, the company also aims to roll out its offering to the commercial property sector and other businesses that engage with the built environment, including banks, other financial institutions, asset managers, among others.”