Horizon Technology Finance, a specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services and sustainability industries, provided a venture loan facility to Groundspeed Analytics.
Groundspeed has developed an industry-leading human-in-the-loop AI platform that captures, structures and delivers complete risk data to commercial P&C insurance carriers so they can make faster, smarter underwriting decisions. By quickly turning data into actionable insights, the platform helps carriers increase efficiency and win more business. Groundspeed is backed by premier investors including Oak HC/FT and Insight Partners. The company will use the loan proceeds for general corporate and working capital purposes.
“Groundspeed’s platform is solving one of the insurance industry’s most challenging problems by accelerating the insurance submission process and making commercial P&C carriers more productive,” Gerald A. Michaud, president of Horizon, said. “As a result, Groundspeed has been able to win subscription contracts with some of the largest and most well-known commercial insurance carriers in the country. We are pleased to support Groundspeed’s ongoing expansion strategy and continued growth.”
“We are excited to receive Horizon’s support to help scale a truly innovative platform that has already proven itself with leading commercial carriers,” Eric Kobe, CEO of Groundspeed, said. “Thanks to Groundspeed, carriers are improving their time to quote, leading to incremental business, and they can be confident that data is being reliably structured so they can better understand and price risk.”
