Gradient AI, which offers AI solutions for the insurance sector, has secured $56.1m in Series C funding.
The investment round, led by Centana Growth Partners, also saw contributions from previous backers including MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
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Gradient AI’s SaaS platform offers AI and ML models that utilise an industry data repository.
This repository is said to include tens of millions of policies and claims, along with economic, health, and geographic data, to assist insurers in more accurately evaluating risks and enhancing operational efficiencies to boost profitability.
The fresh capital injection will be channelled into enhancing the existing product suite, developing new offerings for property and casualty and health insurers, and investing in research and development to further cement Gradient AI’s technological edge in the market.
Gradient’s clients include insurance carriers, large self-insured employers, managing general agents, managing general underwriters, professional employer organisations, risk pools and third-party administrators covering all major lines of insurance.
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By GlobalDataIn its Series B financing round in April 2021, the company raked in $20m .
The round was led by American Family Ventures, with contributions from Stone Point Capital principals and BSC Capital, in addition to the continued support from MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
