PriyaPatel
TLDR:
Gradient AI, an insurtech startup, has secured $56 million in funding led by Centana Growth Partners. The investment will be used for product development, adding new features, and launching new products. Gradient AI aims to increase precision and automation in the insurance industry by predicting underwriting and claim risks with greater accuracy and reducing quote turnaround times and claim expenses through intelligent automation.
Key Points:
- Gradient AI secures $56 million in Series C funding led by Centana Growth Partners.
- The investment will be used for product development, adding new features, and launching new products to expand its range of solutions for P&C and health insurers.
Boston-headquartered Gradient AI, an enterprise software provider of AI solutions in the insurance industry, has raised $56 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 funding will be used for product development, adding new features, and launching new products to expand Gradient AI’s range of solutions for property and casualty (P&C) and health insurers. The company aims to increase precision and automation in the insurance industry by predicting underwriting and claim risks with greater accuracy and reducing quote turnaround times and claim expenses through intelligent automation.
Gradient AI’s SaaS platform leverages a vast industry data lake comprising tens of millions of policies and claims to better assess risks and increase operational efficiencies. The company serves some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insured employers across all major lines of insurance.
“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.”
Gradient AI is poised to transform the insurance industry with its advanced AI solutions, enhancing precision and automation in underwriting and claims processes. With its vast industry data lake and intelligent automation, the company improves loss ratios and operational efficiencies for insurers, positioning it as a leader in the sector.
