Horizon Technology Finance offers loan facility to Groundspeed Analytics
By Gloria Methri
Venture Capital firm Horizon Technology Finance has provided a venture loan facility to InsurTech company Groundspeed Analytics.
Groundspeed has developed a human-in-the-loop AI platform that captures, structures, and delivers risk data to commercial P&C insurance carriers so they can make faster, underwriting decisions.
By turning data into insights, the platform helps carriers increase efficiency. Groundspeed is backed by key investors including Oak HC/FT and Insight Partners. The company will use the loan proceeds for general corporate and working capital purposes.
“Groundspeed’s platform is solving one of the insurance industry’s most challenging problems by accelerating the insurance submission process and making commercial P&C carriers more productive,” said Gerald A. Michaud, President of Horizon. “As a result, Groundspeed has been able to win subscription contracts with some of the largest and most well-known commercial insurance carriers in the country. We are pleased to support Groundspeed’s ongoing expansion strategy and continued growth.”
Eric Kobe, Chief Executive Officer of Groundspeed, said “We are excited to receive Horizon’s support to help scale a truly innovative platform that has already proven itself with leading commercial carriers,” said “Thanks to Groundspeed, carriers are improving their time to quote, leading to incremental business, and they can be confident that data is being reliably structured so they can better understand and price risk.”
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