Gradient AIGradient AI, an artificial intelligence solutions provider in the insurance technology space, has raised $6 million in a Series A financing led by Forte Ventures and Sandbox Insurtech Ventures. The round also includes participation from Gradient’s existing investor MassMutual Ventures.

Gradient’s artificial intelligence helps commercial insurers automate and improve underwriting results, reduce claim costs, and improve operational efficiencies. The Gradient software-as-a-service (SaaS) platform boasts a proprietary dataset comprised of tens of millions of claims, which is complemented with several economic, health, and litigation datasets. This robust aggregation of data provides out-of-the-box claims and underwriting precision for new clients, and it is continuously refined with client-specific data over time.

“The Gradient platform helps our customers’ claims and underwriting teams make better decisions more efficiently, which allows our customers to write more profitable business, minimize claims, and improve the profitability of their book,” said Gradient’s CEO Stan Smith.

The company will use the proceeds to aid the growth of its artificial intelligence and machine learning solutions.

“Gradient will play a critical role in progressing the widespread adoption of ML-based analytics platforms across commercial insurance over the next several years,” said Tom Hawkins, founder and Managing Partner at Forte Ventures. “We’re excited to be supporting the Gradient team as it catalyzes change in an industry that, at the end of the day, impacts the health and financial outcomes of millions of Americans.”

Forte Ventures is a multi-stage venture capital firm that collaborates and co-invests with corporate strategic partners in technology companies across diversified industry sectors throughout North America, while Sandbox Insurtech Ventures unites innovative insurance companies in a fund syndicate model, invests in promising technology start-ups, and drives collaboration between incumbents and insurtechs.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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