New computer vision and machine learning technologies can save millions per year by automating remote property assessments
BOSTON, November 18, 2021 — Hosta.ai, a new artificial intelligence property technology company, today 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.”
Additional resources:
About Hosta.ai
Established in 2020, Hosta is on a mission to empower people and businesses with fast, accessible, and trusted information about their built surroundings. Hosta helps companies that need fast and accurate data about the built environment accelerate their businesses with remote and automated property assessments. The Hosta A.I. Assessment Platform uses patent-pending A.I. spatial and material analysis to automate property assessments from just a few simple photos. To learn more about Hosta please visit www.hosta.ai.
About Eclipse Ventures
With over $2 billion in assets under management, 70 portfolio companies, and a team of investors with deep expertise in technology, manufacturing, supply chain, logistics, healthcare and consumer products, Eclipse is one of the nation’s leading venture capital organizations focused on digitally transforming essential industries. Its leadership team has the experience and deep expertise necessary to create and scale complex operations – with partners coming from industry giants, such as Flextronics, Tesla, Apple, Samsara, Microsoft, Intel and GE. Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies. For more information, visit www.eclipse.vc.
###
Hosta.ai Media Relations
Gaffney Austin, LLC
Alyson Austin
alyson@gaffneyaustin.com
(949) 403-0484
