Gradient AI, a Boston, MA-based enterprise software provider specializing in artificial intelligence (AI) solutions for the insurance industry, has raised $56.1 million in Series C funding.
Investors
The round was led by Centana Growth Partners, with additional participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures.
Centana Growth Partners is a specialized growth equity firm that invests in the future of finance. Centana collaborates with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to their portfolio companies. Centana empowers entrepreneurs with a combination of capital, network, and expertise to accelerate their growth. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry.
Gradient AI Use of Funds
The company will use the funds to expand its product suite, launch new solutions, invest in research and development, and support its customer success and sales functions.
About Gradient AI
Gradient AI provides artificial intelligence (AI) solutions tailored for the insurance industry. The company's products leverage advanced AI and machine learning models to help insurers improve risk assessment, enhance operational efficiencies, and reduce costs. Gradient AI's solutions are built on a vast industry data lake, which includes tens of millions of policies and claims as well as economic, health, and geographic information. Customers include some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insured employers across all major lines of insurance.
Funding Details
Company: Gradient AI Corp.
Raised: $56.1M
Round: Series C
Funding Month: July 2024
Lead Investors: Centana Growth Partners
Additional Investors: MassMutual Ventures, Sandbox Insurtech Ventures, Forte Ventures
Company Website: https://www.gradientai.com/
Software Category: Insurance Solutions
Source: https://www.gradientai.com/press-gradient-ai-secures-56-million-in-series-c-funding-to-expand-ai-powered-insurance-solutions