Hosta.Ai Announces $11.5 Million Series A Led by Eclipse Ventures To Revolutionize The Property Tech Industry
New computer vision and machine learning technologies can save millions per year by automating remote property assessments
Hosta.ai, a new artificial intelligence property technology company, announced that it has raised $11.5 million to bring their remote property assessment platform to insurers, contractors, and home improvement companies across North America.
Eclipse Ventures, the venture firm that helps entrepreneurs build companies to boldly transform the industries that define and propel economies, led the round with participation from USAA, Brick & Mortar, Spider Capital, The Cincinnati Insurance Company, Motivate and Massive. This investment brings the company’s total funding to $15 million. Matt Mulvey, Partner at Eclipse Ventures, will join the company’s board.
There are 155 million buildings in the U.S. that all need to be inspected or assessed when they are sold, refinanced, damaged, remodeled, or repaired. And every time, banks or insurers must send out a contractor or assessor to evaluate the structure, collect all the detailed measurements, itemize all the materials, and document any damage or risks. But sending someone onsite to assess a property is costly and time consuming. Data is captured manually, and mistakes are inevitable. These in-person property assessments delay billions of dollars of work in the built-environment economy each year. Waiting for in-person assessments delay insurance quotes, delay new mortgages and refinancing, and delay home improvement projects.
“We built Hosta.ai to accelerate every industry that needs fast and accurate data about the built environment,” said Henriette Fleischmann, COO of Hosta.ai. “With A.I.-powered room assessments, companies don’t need to send someone onsite and can instead get all the information they need from just a few photos uploaded by the homeowner or property manager.”
“New computer vision and machine learning technologies will transform the property inspection process over the next few years,” said Matt Mulvey, Partner at Eclipse Ventures. “We see clearly how Hosta.ai will accelerate the insurance, mortgage lending, and home improvement industries.”
“Sending someone onsite to assess property damage or get the data needed to underwrite a new insurance policy can be time consuming and expensive,” said Michael Smith, AVP Corporate Development, USAA. “There’s a compelling business case for insurers to improve the experience for policyholders while eliminating excess cost by leveraging A.I.-powered remote property assessments for claims and policies.”