Gradient AI Secures $56 Million in Series C Funding to Expand AI-Powered Insurance Solutions
July 30 2024 - 8:01AM
Business Wire
Led by Centana Growth Partners, Funding Will
Enhance and Extend the Range of Product Solutions and Expand
Customer Success and Sales Functions
Gradient AI, a leading enterprise software provider of
artificial intelligence (AI) solutions in the insurance industry,
today announced that it has raised $56.1 million in Series C
funding.
The round was led by Centana Growth Partners, with participation
from existing investors MassMutual Ventures, Sandbox Insurtech
Ventures and Forte Ventures. The funds will be used to support
product development to continue driving innovation and efficiency
in the insurance industry and to further bolster customer success
and sales functions.
"While we are gratified to secure this significant investment
from both Centana and our existing investors, this is just the
first step," said Stan Smith, CEO of Gradient AI. "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.”
“Gradient AI has an experienced executive team and products that
produce demonstrable ROI for its customers which, together, have
helped Gradient deliver strong financial results,” said Matt
Alfieri, Partner at Centana Growth Partners. “The company is at an
important inflection point, and we are excited to partner with Stan
and his stellar team. In addition to growth capital, we look
forward to providing our knowledge and industry connectivity to
assist Gradient in product expansion and go-to-market activities
that continue to benefit customers and extend their competitive
advantage.”
According to McKinsey & Company, AI could deliver up to $1.1
trillion of annual value in the insurance industry. Gradient AI is
uniquely positioned to be at the forefront of delivering solutions
to unlock that value.
Gradient AI’s solutions stand out in the market by providing
industry-leading AI and machine learning models which leverage a
vast industry data lake, including tens of millions of policies and
claims, as well as economic, health, and geographic information. As
a result, insurers can better assess risks and increase operational
efficiencies to improve profitability.
The new capital will be used to:
- Improve and develop new features and functionality for the
existing product suite
- Launch new products to expand the range of solutions for
P&C and Health insurers
- Invest in research and development to continue driving AI
innovation in the insurance market to further extend the company’s
technological leadership
This funding round marks another significant milestone for
Gradient AI, which has consistently delivered strong performance
and customer satisfaction since its inception. With this new
investment, the company is well positioned to achieve its growth
targets.
About Gradient AI
Gradient AI is a leading provider of proven artificial
intelligence (AI) solutions for the insurance industry. Its
solutions improve loss ratios and profitability by predicting
underwriting and claim risks with greater accuracy, as well as
reducing quote turnaround times and claim expenses through
intelligent automation. Unlike other solutions that use a limited
claims and underwriting dataset, Gradient AI’s
software-as-a-service (SaaS) platform leverages a vast industry
data lake comprising tens of millions of policies and claims. It
also incorporates numerous other features including economic,
health, geographic, and demographic information. Customers include
some of the most recognized insurance carriers, MGAs, MGUs, TPAs,
risk pools, PEOs, and large self-insured employers across all major
lines of insurance. By using Gradient AI's solutions, insurers of
all types achieve a better return on risk. To learn more about
Gradient AI, visit: https://www.gradientai.com or follow on
LinkedIn or X.
About Centana Growth Partners
Centana Growth Partners is a specialized growth equity firm that
invests in the future of finance. Centana collaborates with
companies across the entire financial services ecosystem, from
institutions to fintech disruptors, to add strategic and long-term
value to their portfolio companies. Centana empowers entrepreneurs
with a combination of capital, network, and expertise to accelerate
their growth. The Centana team taps into decades of financial
services expertise and insight to invest in companies that bring
real value and innovation to the industry. Visit centanagrowth.com
for more information.
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