CHICAGO & MADISON, Wis.--(BUSINESS WIRE)--Arturo, an artificial intelligence (AI) and deep-learning property analytics start-up, announced today the close of Seed Series Transaction, with lead investor and Arturo co-developer American Family Insurance.
Following the close of the transaction, Madison-based American Family Insurance will remain a customer as well as an investor in Arturo.
Arturo grew out of investment and more than three years of research by American Family Insurance on the application of artificial intelligence (AI) and deep learning to satellite, aerial, drone, and ground-level imagery to accurately assess physical property characteristics for residential and commercial properties.
Arturo’s AI-powered analytics generate detailed property information often in under five seconds. It enables a variety of businesses that insure, lend, invest, or manage residential or commercial properties to make more informed decisions and better manage risk with the most up to date information available.
What’s most compelling about Arturo AI, is that it was created from within an insurance company with product development experts and claims and underwriting professionals giving feedback as the technology was built. That work behind-the-scenes, in a test-and-learn environment with American Family and several leading insuretech startups, distinguishes it from similar companies.
“Building an AI analytics company directly inside your ideal customer and immediately next to the highest value problems that can generate significant value is the dream for any CEO,” said John-Isaac Clark, CEO of Arturo. “We’re incredibly excited to share with the industry what our fantastic team has been working on with our stealth-mode customers and the real value Arturo is enabling.”
American Family’s Data Science and Analytics Lab identified an opportunity to make Arturo a viable business entity by bringing the technology to a broader market and a greater number of businesses.
“American Family is committed to customer-focused innovation,” said Peter Gunder, American Family Insurance chief business development officer. “We’re thrilled to see the speed and simplicity Arturo’s capabilities can provide consumers in the insurance space and adjacent areas of lending, property management and securities.”
Arturo is a deep learning spin-out from American Family Insurance relentlessly committed to delivering highly accurate structured data observations and predictions for residential and commercial properties for use in the Property & Casualty (P&C) Insurance, Reinsurance, Lending, and Securities markets.
Leveraging the latest satellite, aerial, and ground-level imagery, as well as unique proprietary data sources, Arturo’s deep learning models provide differentiated property data unparalleled by any other provider - on-demand and in near-real-time. To learn more about Arturo, Inc., visit: www.arturo.ai or follow on Twitter @arturo_ai