Hail Dings on Roof Identified and Tagged Using Artificial Intelligence
In case you missed it, I wanted to write a quick recap on the closing of Betterview’s $2.05 million series seed round, as well as announce the speaker line up for Betterview’s InsureTech Connect Drone Panel.
On September 5th, Betterview announced the closing of its series seed fundraising round. This round was led by Compound, whose experience with disruptive, early stage technology companies makes them the perfect partner for our UAV & artificial intelligence technologies. In our most recent press announcement, David Hirsch, Managing Partner, Compound noted:
“We’re always searching to partner with early stage technology companies enabling traditional industries. When we looked at the billion dollar P&C insurance industry, we saw an industry that conducted business the same way for decades until recently. Having been involved in Betterview’s previous fundraising round, we believe drones and artificial intelligence are going to transform how inspectors, underwriters, and adjusters do their jobs.”
Other participants in our series seed round included: Maiden Re, 645 Ventures, Arab Angel, Winklevoss Capital, Chestnut Street Ventures, Pierre Valade, Edward Lando, along with earlier investors Haystack and MetaProp.
In just under three years Betterview has already inspected over 8,300 buildings working with more than 90 insurance clients. Our value proposition is how we make buildings & properties thoroughly understood by providing software & services in three key areas:
- Workflow: Streamlined processes from start to finish to ensure quality & consistency across Plan, Capture, and Analyze.
- Data Management & Compliance: Securely store flight logs and time/geo-stamped photos in case of dispute, litigation or compliance audits.
- Insights: Non-biased roofing & construction expert analysis & machine learning that automatically tags 87 issue types.
Betterview’s insights are generated from proprietary database of over 1 million analyzed and tagged images of buildings and properties. With each inspection Betterview performs, our machine learning gets better and better at identifying roof issues due to hail & wind events, water ponding, debris, etc.
As more and more insurers move from concept to real production use with drones, this latest round of financing will help us to capitalize on this momentum by expanding our existing artificial intelligence capabilities, accelerate product development and increase our adjusting, engineering & operations staff.
Over the next few weeks, we will be blogging more about some of our new team members, product updates and strategic partnerships, so make sure to check back often!
InsureTech Connect Drone Panel
In addition, to our fundraising announcement, Betterview has also confirmed the following speakers for the InsureTech Connect 2017 Drone Panel, taking place Tuesday, October 2nd from 3:30–4 PM.
- Colin Fitt, SVP Corporate Development, Maiden Re
- Bob Buckley, Chief Strategy Officer, Church Mutual Insurance Company
- Tim Nguyen, Strategic Partnerships, DJI
- David Lyman, CEO & Co-Founder, Betterview
What makes this panel unique is that attendees will not only learn about the latest use cases of drones in reinsurance & insurance, but they will also hear thoughts from the leading drone manufacturer on the drone marketplace and where things are headed.
To learn more about our funding and InsureTech drone panel, please contact John Cherbini, VP of Sales by email.