ANN ARBOR, Mich., Jan. 6, 2021 /PRNewswire/ — Groundspeed Analytics, a leading provider of SaaS-delivered smart submission and analytics solutions to the property & casualty insurance industry, today announced a Series C investment from leading investment firm Insight Partners with participation from existing investor Oak HC/FT to accelerate product development and increase adoption of its transformational software solution.
The Groundspeed SaaS solution provides commercial insurance carriers, reinsurers, and brokers with a simple API that allows them to transform the unstructured information held in submission documents into structured and enriched data. Groundspeed's revolutionary technology is powered by AI and improves the speed, accuracy, and breadth of the information used for commercial insurance placement and quoting. Easier access to critical data is key to the digital transformation of Groundspeed's customers, commercial insurers and brokers around the world. Groundspeed helps customers improve risk selection, lower costs, and write more business.
Groundspeed will use the proceeds for continued investment into its business and for other general corporate purposes. The new commitment of capital comes as the company continues to invest heavily in product development, artificial intelligence solutions, and international expansion. Groundspeed continues to gain market share, as evidenced by strong growth in SaaS revenue year over year.
"The investment from Insight Partners, the leading ScaleUp software investor, and continued partnership from Oak HC/FT speaks to the momentum we have achieved as the leader in submission intelligence solutions for commercial P&C, and the growth opportunities we see ahead," said Jeff Mason, Groundspeed's Founder and Chief Executive Officer. "The commercial insurance industry is working to digitize many of its core processes, including those for submission and underwriting. We are seeing increasing demand from our customers to automate the extraction and enhancement of data to support their digitization efforts. Equally, customers are seeking deeper insights from that data and we are well-positioned to help in both efforts."
"We have been long-time admirers of Groundspeed and are impressed by the significant value that the company's solutions deliver for brokers and carriers," said David Spiro, Principal at Insight Partners. "We are very excited to partner with the Groundspeed team as they embark on their next phase of growth and to welcome them to the Insight portfolio."
"Groundspeed has proven to be an incredibly powerful tool for brokers and carriers, enabling companies to make better decisions by automating the ingestion and enhancement of unstructured data," said Matt Streisfeld, Partner at Oak HC/FT. "We are proud to continue our partnership with Groundspeed as the team expands its solutions and geographical footprint, helping more customers across the insurance industry respond to the market faster and cut millions in operational costs."
Additionally, the Groundspeed team will welcome David Spiro, Principal at Insight Partners, and James Ryans, Director of Virgin Galactic Holdings, to the Groundspeed Board of Directors.
About Groundspeed Analytics
Groundspeed Analytics is a leading provider of SaaS-delivered submission and placement technology to the commercial P&C industry. By accessing Groundspeed's API, the company's enterprise data pipeline solution, insurance carriers and brokers are able to automate the ingestion and enrichment of information held in unstructured submission documents. Groundspeed's comprehensive solutions are available via API. For more information, visit www.groundspeed.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit Insightpartners.com or follow us on Twitter @insightpartners.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 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.