Insurtech Betterview attracts $7.5m for AI-driven property intelligence

California-based artificial intelligence (AI) start-up Betterview, an insurtech platform provider for property/casualty transactions, has raised $7.5 million in new funding from Guidewire Software and existing investors.

ManchesterStory led the round with participation from Nationwide, EMC Insurance Companies, Maiden Re, Compound, Winklevoss Capital, and Chestnut Street Ventures. This round brings the company’s total capital raised to $17 million.

Betterview will use the funds to expand its capabilities in the remote property intelligence space. The company launched its remote property intelligence platform almost two years ago to enable insurance carriers to clearly identify and quantify factors that drive increased risk to properties so that they can avoid, price, or improve risk as a partner in risk management with their customers.

“After surveying the insurtech and property intelligence landscape, we believe that Betterview has created an innovative solution that aligns with Guidewire’s vision and product initiatives to help insurers better understand and manage risk,” said Mike Chen, vice president of corporate development, Guidewire Software. “We were impressed by the results our mutual customers are achieving with Betterview’s platform. This investment underlines Guidewire’s commitment to fostering an ecosystem of partner solutions to serve the P&C industry.”

David Lyman, co-founder and CEO of Betterview, said: “We’re delighted to deepen our relationship with our friends at Guidewire through this recent investment. Our mutual commitment to advancing the success of P&C carriers creates a strong alignment between our companies. This funding will accelerate our progress on delivering capabilities that help our customers manage risk in their workflow in a way that improves the customer experience of their insureds and agents.”

David Tobias, co-founder and chief operating officer of Betterview, added: “Both Guidewire and our existing investors are excited about the strong growth and quality of the technology and saw an opportunity to fuel the further evolution of the platform. This funding will allow us to better serve our customers as we build the features and support they need to be successful.”