Jones Raises $15M Series B to Solve Insurance Verification with Vertical AI Agents for Real Estate and Construction

The round led by NewSpring will fuel continued growth as the company releases GenAI Agents that leverage proprietary insurance data

NEW YORK, Jan. 7, 2025 /PRNewswire/ -- Jones, the vertical software company leading AI innovation in insurance verification, today announced the close of its $15M Series B funding round led by NewSpring Capital, a growth equity firm managing $3.5 billion in capital with over 250 platform investments, via its dedicated growth and expansion strategy, NewSpring Growth. The round also saw continued participation from major existing investors, including Hetz Ventures, Camber Creek, Khosla Ventures, JLL Spark, DivcoWest Ventures, Rudin Ventures, and Ground Up Ventures.

Founded by Omri Stern and Michael Rudman, Jones is an AI-driven vertical software company that helps real estate and construction clients to accelerate the collection of insurance certificates (COIs), endorsements, and policies, verify compliance with precision, and integrate bi-directionally with key ERP systems. The company has scaled to 25,039 real estate properties and construction projects across over 2.5 billion square feet in the United States.

The investment marks a pivotal moment for Jones as it doubles down on its mission to help clients make smart decisions about insurance risk so they can boost efficiency and mitigate insurance claims. Jones plans to release a suite of AI-powered Agents, smart assistants that automate routine tasks, reduce manual workloads, and offer autonomous decision-making. The AI Agents are fine-tuned by proprietary data including insurance logic, risk benchmarks, and millions of verified insurance documents. The company also plans to continue expanding software workflows and deepening ERP integrations.

"COI and insurance policy verification is a highly manual and error-prone process, making it ripe for disruption through automation," said Marc Lederman, General Partner at NewSpring Capital. "Jones AI solutions enable construction and real estate companies to scale their departments efficiently while mitigating legal and financial risks in today's highly litigious environment. As compliance becomes more complex and regulatory demands rise, Jones has ample room for continued expansion and represents exactly the type of growth-oriented business we seek for investment."

With this funding, Jones is focused on addressing the ballooning insurance costs in the industry. The company's latest release, Insurance Policy Verification, helps clients to flag and interpret exclusionary language in insurance policies to mitigate costly payouts from third-party insurance claims, a problem plaguing the industry that COIs do not solve. "The insurance markets have been reeling from economic pressures and are one of the biggest challenges facing real estate and construction, whether it's from headwinds in origination or the lack of digitization," said Omri Stern, CEO of Jones. "We're excited to be part of a cohort of maturing growth-stage AI and data companies that are partnering with the insurance industry to help clients make smarter decisions about insurance risk."

The Series B funding highlights the company's success in addressing one of the toughest challenges in the category: scaling an AI-driven software solution in an industry heavily reliant on human-in-the-loop processes. Jones resolved the manual bottleneck by combining machine learning with human compliance experts, paving the way for unparalleled efficiency and scalability. This milestone signals the confidence of investors in the company's ability to continue building a category-defining business model.

About Jones

Jones is an AI-driven software company helping real estate and construction firms to make smart decisions about insurance risk so they can boost efficiency and mitigate insurance claims. In over 2 billion square feet of real estate and construction projects, Jones helps clients to accelerate and fortify their insurance verification, collection, integration, and decisioning across both commercial or residential asset classes. To learn more, visit www.getjones.com.

About NewSpring

NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having completed over 250 investments, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.

SOURCE Jones