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Gradient AI, a startup applying artificial intelligence to the insurance industry, recently secured a $56.1 million investment in a Series C round led by Centana Growth Partners. Founded by Stan Smith, the company has shown consistent revenue growth and is close to achieving cash flow breakeven. Gradient AI focuses on underwriting claims management, with a strong presence in property and casualty markets as well as the health market.
The latest funding round comes three years after a $20 million Series B round and has attracted returning investors like MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures. With over 110 employees, a third of whom are based in Massachusetts, Gradient AI plans to continue expanding its team in sales and engineering to enhance its software offerings. The company's AI software currently predicts the cost and duration of claims, with future plans to provide 'next best action' recommendations for underwriters.
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