GEOX is an Israeli startup that uses 3D technology and geospatial imagery for insurance underwriting and claims. The company raised $19 million in a Series A funding round led by Flashpoint Venture Capital, with participation from Suretech Partnership, as well as investors Ariel Maislos and Noam Lanir. Geox has now raised $23 million to date.
“This investment will help us accelerate growth, scale our technology, and continue pushing the boundaries of innovation,” said the company. “Huge thanks to our incredible team for the hard work and for fulfilling our vision!”
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Founded in 2018 by Ceo Itzik Lavi, Eli Lav, and Guy Attar – all graduates of the Israel Defense Forces’ elite 9900 military intelligence unit – GeoX uses machine vision and deep learning technology to automate the fast and accurate extraction of 3D objects from aerial imagery. GeoX produces countrywide databases of buildings (also known as property data) in cities and countries around the globe. Property data is used by Insurance companies for data-driven processing of claims and underwriting, allowing significant cost reductions and capturing of lost revenues.
GeoX experts use machine vision and deep learning technology to automate fast and accurate extraction of 3D objects from aerial imagery and create worldwide property databases. This property data is for Insurance companies to study property features, get current property intelligence, effectively process claims, streamline underwriting, and evaluate risks resulting in significant cost reductions and lost revenue capturing.
With this new technology surveyors can now review countless buildings without even having to visit them in person. In this way, governments can save millions in taxpayers’ money every year and thousands of man hours when conducting all sorts of necessary surveys of properties and buildings.
This data enables insurers to customize premium rates based on the individual characteristics of each property, including its construction, value, and potential risks. This approach benefits property owners by ensuring they pay fair premiums that reflect their specific risk exposure. At the same time, insurance companies can enhance their pricing accuracy, reducing the likelihood of underestimating risks and incurring substantial losses.
