Carpe Data Raises $6.6 Million in Series A Financing Led by Aquiline Technology Growth
Next generation data company to invest in sales and product development to meet growing demands in the Insurance sector for new and alternative data sources
SANTA BARBARA, Calif., May 23, 2017 /PRNewswire/ -- Carpe Data, the leading provider of next generation data products to the insurance industry, announced today that it has closed $6.6 million in Series A funding, led by Aquiline Technology Growth (ATG), with participation from Carpe Data's existing investors. The new capital will be used to bring Carpe Data's suite of predictive data products and tools to more insurers as well as broaden and accelerate new product development.
The Series A financing follows Carpe Data's successful company spin-off of Social Intelligence. The company relaunched in October 2016 to focus solely on the insurance data market. Today, the company is in full growth mode, witnessing an increasing uptake for its products that serve P&C and life insurance companies. Carpe Data has added dozens of new customers in the last year, while tripling revenue. They are also adding and expanding partnerships with the major data providers to enable faster and broader distribution of their core products.
ATG invests in early and growth stage technology companies that are bringing innovation to the insurance and financial services ecosystems. Insuretech is a core focus of ATG, which saw a record number of financings in 2016.[1] As part of the investment, Max Chee of ATG will join Carpe Data's Board of Directors.
"Carpe Data's offering is well-timed to meet the growing interest in real time, web and social data to assist in the underwriting and claims process, among other areas," said Max Chee of ATG. "We believe the compelling ROI for Carpe's customers will drive broader market adoption of new sources of data, leading to more accurate predictions, lower costs and new product capabilities for insurers. Carpe Data's technology, using proprietary datasets and algorithms, is proven at scale to be valuable across the entire insurance policy lifecycle."
"The insurance industry is rapidly shifting to meet changing customer needs and behaviors. Our transformational data products are the future of Insuretech, enabling carriers to assess risk with an entirely new lens," said Carpe Data Chief Executive Officer Max Drucker. "This Series A equity round from ATG allows us to define this new category of data to provide the rating elements and underwriting rules of the future and optimize the identification of fraud and abuse. Their financial support, domain expertise and relationships will be extremely beneficial to us as we continue to grow."
About Carpe Data
Carpe Data provides next generation predictive scoring and data products to P&C and life insurance companies. Leveraging the social web, online content, email intelligence, connected devices, and other forms of advanced and alternative data, Carpe Data's products enable insurers to more accurately predict risk and innovate with new products to meet changing customer habits.
Headquartered in Santa Barbara, California, the team has deep roots in software and insurance. Our founders have been working together to innovate the insurance industry for more than 15 years. In our commitment to deliver unique data legally and with consumer privacy in mind, we adhere to the guidelines of the Fair Credit Reporting Act (FCRA). To learn more about Carpe Data, visit https://www.carpe.io.
About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York investing in businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. The ATG team has experience in technology and financial services, and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline-llc.com/atg.
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[1] Source: CB insights
SOURCE Carpe Data
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