Gradient AI, a provider of artificial intelligence (AI)-powered enterprise software solutions for the insurance industry, has secured $56.1m in a Series C funding round.
Led by Centana Growth Partners, the financing round also had participation from existing investors Sandbox Insurtech Ventures, MassMutual Ventures, and Forte Ventures.
Gradient AI aims to utilise the capital to support product development to drive innovation and efficiency in the insurance industry. The company also plans to further bolster customer success and sales functions.
Besides, the funding will help the firm to boost and develop new features and functionality for the existing product suite. It will also introduce new products to expand the portfolio of solutions for property and casualty (P&C) and health insurers.
Gradient AI will also invest in research and development to strengthen AI innovation in the insurance market.
Gradient AI CEO Stan Smith said: “While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step.
“Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies.
“We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
Based in the US, Gradient AI offers solutions to improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy along with reducing quote turnaround times and claim expenses through intelligent automation.
The firm’s software-as-a-service (SaaS) platform utilises a vast industry data lake comprising tens of millions of policies and claims. It also includes various features including economic, health, geographic, and demographic information.
