Gradient AI raises $56 million
July 30, 2024
Gradient AI, a provider of artificial intelligence solutions for the insurance industry, announced a $56.1 million Series C funding round led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
The funds will be used to support product development and to further bolster customer success and sales functions.
Founded in 2018, Gradient AI offers solutions for group health, P&C, and workers’ comp insurance companies. The software analyzes “tens of millions of policies and claims” to help companies make better underwriting decisions.
“While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step. Now 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. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.” – Stan Smith, CEO of Gradient AI.
“Gradient AI has an experienced executive team and products that produce demonstrable ROI for its customers which, together, have helped Gradient deliver strong financial results. The company is at an important inflection point, and we are excited to partner with Stan and his stellar team. In addition to growth capital, we look forward to providing our knowledge and industry connectivity to assist Gradient in product expansion and go-to-market activities that continue to benefit customers and extend their competitive advantage.” – Matt Alfieri, Partner at Centana Growth Partners.