State Farm Ventures invests in AI property data firm Cape Analytics

State Farm Ventures, the venture capital arm of insurer State Farm, has made a significant investment in Cape Analytics, a provider of AI-powered geospatial property data.

Cape Analytics will use the investment by State Farm Ventures to accelerate the development of its solutions for property insurers leveraging geospatial analytics and other unique sources of information.

As part of the financing, a representative from State Farm will be joining Cape Analytics’ newly formalized customer advisory council.

"We’ve been fortunate to build a broad base of support from the industry’s leading insurers, both as customers and as investors. We’re now privileged to have State Farm Ventures join this key group of supporters,” said Ryan Kottenstette, CEO and co-founder at Cape Analytics.

Mike Remmes, Vice President of State Farm Ventures, added: “State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area.”

Cape Analytics’ property intelligence solution is derived by applying computer vision and machine learning algorithms to geospatial imagery. It is the only geospatial solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to improve insurer processes across the policy lifecycle.