BOSTON--(BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it has raised $56.1 million in Series C funding.
The round was led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. The funds will be used to support product development to continue driving innovation and efficiency in the insurance industry and to further bolster customer success and sales functions.
"While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step," said Stan Smith, CEO of Gradient AI. "Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
“Gradient AI has an experienced executive team and products that produce demonstrable ROI for its customers which, together, have helped Gradient deliver strong financial results,” said Matt Alfieri, Partner at Centana Growth Partners. “The company is at an important inflection point, and we are excited to partner with Stan and his stellar team. In addition to growth capital, we look forward to providing our knowledge and industry connectivity to assist Gradient in product expansion and go-to-market activities that continue to benefit customers and extend their competitive advantage.”
According to McKinsey & Company, AI could deliver up to $1.1 trillion of annual value in the insurance industry. Gradient AI is uniquely positioned to be at the forefront of delivering solutions to unlock that value.
Gradient AI’s solutions stand out in the market by providing industry-leading AI and machine learning models which leverage a vast industry data lake, including tens of millions of policies and claims, as well as economic, health, and geographic information. As a result, insurers can better assess risks and increase operational efficiencies to improve profitability.
The new capital will be used to:
- Improve and develop new features and functionality for the existing product suite
- Launch new products to expand the range of solutions for P&C and Health insurers
- Invest in research and development to continue driving AI innovation in the insurance market to further extend the company’s technological leadership
This funding round marks another significant milestone for Gradient AI, which has consistently delivered strong performance and customer satisfaction since its inception. With this new investment, the company is well positioned to achieve its growth targets.
Gradient AI is a leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. Unlike other solutions that use a limited claims and underwriting dataset, Gradient AI’s software-as-a-service (SaaS) platform leverages a vast industry data lake comprising tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic, and demographic information. Customers include some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insured employers across all major lines of insurance. By using Gradient AI's solutions, insurers of all types achieve a better return on risk. To learn more about Gradient AI, visit: https://www.gradientai.com or follow on LinkedIn or X.
Centana Growth Partners is a specialized growth equity firm that invests in the future of finance. Centana collaborates with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to their portfolio companies. Centana empowers entrepreneurs with a combination of capital, network, and expertise to accelerate their growth. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry. Visit centanagrowth.com for more information.
