Betterview expands team with $4.5 million Series A round
Building risk management platform Betterview has used funds from its $4.5 million Series A investment round to grow its team, reports Jane Connolly.
The round was led by early-stage independent venture capital investor ManchesterStory, with participation from Nationwide Ventures, EMC Insurance, Maiden Re and Compound. Betterview’s funding to date now totals $10 million.
Dave Miles, managing partner of ManchesterStory and Brian Desmond, CEO of insurance industry software company Guidewire, join Betterview’s board of directors.
“We have been putting this capital to great use by growing our team, including three new hires on our Data Science team,” says Betterview CEO and co-founder, David Lyman.
He adds: “Dave knows the InsurTech space inside and out, and Brian has been instrumental in scaling Guidewire from a start-up to the insurance industry’s leading software company over the past 13 years.”
Founded in 2014 as a drone-based property inspection platform and service, Betterview now offers a risk management platform with property data accessible via both API and UI.
Dave Miles, ManchesterStory, says: “With over 70 million commercial and residential properties in the United States, insurers need to aggregate dozens of structured and unstructured data sources in order to gain a better understanding of these properties.
“Betterview addresses a significant need for P&C insurers through its proprietary application of machine learning and computer vision to generate actionable information so insurers can quickly and more accurately assess and price risk, creating a better experience for their customers.”
Carriers are able to use Betterview’s data to disqualify or fast-track properties based on how they meet the underwriting criteria and manage risk.