Insurtech Hover secures $60m funding led by Travelers, State Farm & Nationwide

Insurtech Hover has secured a $60 million Series D funding led by insurance carriers Travelers, State Farm Ventures, and Nationwide.

Hover, a property data platform, helps insurance carriers reduce property claim cycle times and improves policyholder satisfaction using computer vision and machine learning to create accurate claim estimates.

The latest round also included participation from long-time Standard Industries, as well as Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software.

The capital will be used to enhance its 3D data platform and expand its e-commerce efforts.

AJ Altman, founder and CEO of Hover, said: "Today's investment is evidence that our new and existing investors believe we will continue the transformation of the insurance and home improvement industries.

"As we deepen our relationships with top insurance carriers and expand our product offerings, we will remain focused on delivering value for our partners and customers, and continue improving the experience for the homeowner."

Nick Seminara, executive vice president and chief claims officer of Travelers, added: "It's important to us that we provide our customers with the best possible experience, and Hover's technology helps us to do that by creating a simpler, faster and more transparent claims process. We see a tremendous opportunity for Hover in the insurance industry, and we're pleased to continue our partnership and invest in their future."