Artificial intelligence enterprise software company Gradient AI Corp. announced today that it has raised $56 million in new funding to support product development aimed at driving innovation and efficiency in the insurance industry.

Founded in 2012, the company specializes in providing AI solutions for the insurance industry, particularly focusing on automating underwriting processes and improving operation efficiencies. The company’s software-as-a-service platform is designed to help commercial insurers enhance their underwriting results, reduce claim costs and streamline operations.

Gradient AI pitches itself as standing out in the market through its provision of AI and machine learning models that leverage a vast industry data lake, including tens of millions of policies and claims, along with economic, health and geographic information. Using the data, insurers can better assess risks and increase operational efficiencies.

The data lake used in Gradient AI’s AI-powered underwriting, called SAIL, allows insurers to gain predictive insights, enabling them to assess risks with speed and accuracy. The platform aims to improve the overall underwriting process, helping insurers capture more business and accelerate quote turnaround times.

In addition, Gradient AI offers automation solutions, such as Gradient Agent Foundry, designed to automate various manual processes within enterprises, allowing users to input task objectives and relevant data. The system then processes this information and integrates into the enterprise’s existing data systems.

The company also provides application programming interfaces for easier data integration, allowing organizations to combine their existing knowledge with the Gradient AI platform. The APIs can also be used to enable seamless integration of Gradient AI’s AI capabilities into existing products and workflows.

Centana Growth Partners LP led the Series C round, with existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures Inc. also participating. Gradient AI Chief Executive Officer Stan Smith said that having raised the new funding, “it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers.”

“Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies,” Smith added. “We are helping them achieve these goals by automating processes, reducing cost  and significantly improving results.”

Including the new funding, Gradient AI has raised approximately $125.7 million to date, according to data from Tracxn.

Photo: Gradient AI