Groundspeed was acquired by Insurance Quantified in 2023.
NEW YORK, September 1, 2020 — CB Insights today named Groundspeed Analytics to the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
“We’re proud to, once again, recognize the 250 best private fintech companies globally. This year’s Fintech 250 represents 25 countries and spans 19 categories — reimagining everything from retail banking and crypto, to insurance and asset management,” said CB Insights CEO Anand Sanwal. “The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year’s class will have similar success as they continue to transform how people and businesses spend, save, borrow, and invest their money.”
“We are honored to be recognized as one of the most promising startups in FinTech,” said Jeff Mason, CEO of Groundspeed Analytics. “Groundspeed’s Rapid Fusion Data Pipeline-as-a-service allows commercial insurance companies to automate the ingestion of unstructured information contained in submission documents while also enriching and expanding the analytical value of the data to support underwriting and better decision-making. With Groundspeed, underwriters and brokers are able to cut millions in operational costs, respond faster to the market, and improve the performance of their book.”
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Led by commercial insurance and tech experts, Groundspeed solves one of the insurance industry’s most prevalent challenges: how to create value from unstructured information. Groundspeed features AI extraction and enhancement of data from submission documents including loss runs, exposure schedules, insurance applications, policy forms, and more. Groundspeed works with 5 of the top 12 commercial insurers and 7 of the Top 10 brokers including The Travelers, Aon, Liberty Mutual, and others in the market.
2020 Fintech 250 Highlights:
- Unicorns: 32 of the 250 companies are valued at or above $1B as of their latest funding round
- Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20)
- Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20)
- Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20)
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.
About Groundspeed Analytics, Inc.
Groundspeed Analytics is a data science company that exists to help insurance companies, brokers, and reinsurers maximize the value from data currently underutilized in the submission intake and underwriting processes. The company’s Fusion Data Pipeline-as-a-Service transforms unstructured data from insurance files and combines this data with third party data to create actionable information, insights, and predictions. Groundspeed is privately-funded and based in Ann Arbor, MI. Learn more about Groundspeed at groundspeed.com.
