Ann Arbor startup Groundspeed Analytics recently announced a $30 Million Series B funding round led by Oak HC/FT. The former Ann Arbor SPARK Central Innovation Center tenant and Entrepreneurial Boot Camp graduate develops software-as-a-service (SaaS) for the insurance industry.
“Ann Arbor SPARK is thrilled that Groundspeed continues to achieve success in the Ann Arbor region,” said Paul Krutko, Ann Arbor SPARK president and CEO. “From the company’s early days as clients of the SPARK Central Innovation Center incubator to their recent move to their own building on the west side of Ann Arbor in Scio Township, the team has been able to tap into our region’s tech ecosystem and find both the support and talent that fuels early stage growth.”
Prior to the Groundspeed’s Series B Funding, the company applied for and received SPARK grants and Michigan Angel Fund financing, as well as participated in the SPARK-subsidized internship program.
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ANN ARBOR, Mich.–(BUSINESS WIRE)–Groundspeed Analytics (“Groundspeed”), a leading insurance technology company specializing in artificial intelligence (AI) and data science solutions to the $800 billion global commercial property and casualty insurance industry, today announced a $30 million Series B funding round led by Oak HC/FT. The investment will be used to continue to expand products and reach as well as grow the 40-person data science and engineering team.
Founded in 2016, Groundspeed focuses on solving the insurance industry’s toughest data challenge – unlocking the value of unstructured information. Groundspeed Adaptive Data Pipeline™ enables its carrier, broker, and MGA clients to improve margins, identify underwriting profit pools, and enhance customer experience. Groundspeed’s automation and analytics platform helps eliminate 90% of administration expenses while improving underwriting and analytics efficiency, delivering 10-times the data with 99% accuracy.
“We are thrilled to partner with Oak HC/FT as we embark on our next phase of growth,” said Jeff Mason, Co-CEO of Groundspeed. “Given Oak HC/FT’s deep expertise in InsurTech and extensive network of industry leaders, we are confident that this new association will help Groundspeed aggressively expand our products and reach to help brokers and carriers unlock the tremendous value trapped in their unstructured information.”
Andrew Robinson, Co-CEO of Groundspeed notes, “Groundspeed’s Adaptive Data Pipeline™ has proven to be incredibly powerful. The Series B funding will allow us to continue to enhance this service and further respond to the range of analytic products and services our clients are asking us to provide. I couldn’t be more excited to work with Jeff and the Groundspeed team as we undertake this next step in our journey.”
Prior to joining Groundspeed as Co-CEO, Andrew Robinson served as Executive in Residence at Oak HC/FT, where he will continue as a senior advisor to the company. Matt Streisfeld and Michael Heller of Oak HC/FT have also joined the Board of Directors.
Streisfeld comments, “Groundspeed gives us the opportunity to invest in a team that brings proven insurance industry expertise. We look forward to our continued partnership with the entire Groundspeed team as we further expand the company’s footprint.”
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders.
About Groundspeed Analytics, Inc. (Groundspeed)
Groundspeed Analytics, Inc. (Groundspeed) accelerates commercial insurance performance with the power of machine learning and artificial intelligence. The Groundspeed platform automatically turns loss runs, exposure documents and policy files into actionable information, empowering users to identify profitable pools of risk and drive better financial outcomes. Groundspeed is privately-funded and based in Ann Arbor and Atlanta. To learn more about Groundspeed, please visit www.groundspeed.com
About OAK HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.
Alana Bremner, 212-704-8256