Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it has raised $56.1 million in Series C funding.

The round was led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. The funds will be used to support product development to continue driving innovation and efficiency in the insurance industry and to further bolster customer success and sales functions.

“While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step,” said Stan Smith, CEO of Gradient AI. “Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”

“Gradient AI has an experienced executive team and products that produce demonstrable ROI for its customers which, together, have helped Gradient deliver strong financial results,” said Matt Alfieri, Partner at Centana Growth Partners. “The company is at an important inflection point, and we are excited to partner with Stan and his stellar team. In addition to growth capital, we look forward to providing our knowledge and industry connectivity to assist Gradient in product expansion and go-to-market activities that continue to benefit customers and extend their competitive advantage.”

According to McKinsey & Company, AI could deliver up to $1.1 trillion of annual value in the insurance industry. Gradient AI is uniquely positioned to be at the forefront of delivering solutions to unlock that value.

Gradient AI’s solutions stand out in the market by providing industry-leading AI and machine learning models which leverage a vast industry data lake, including tens of millions of policies and claims, as well as economic, health, and geographic information. As a result, insurers can better assess risks and increase operational efficiencies to improve profitability.

The new capital will be used to:

• Improve and develop new features and functionality for the existing product suite
• Launch new products to expand the range of solutions for P&C and Health insurers
• Invest in research and development to continue driving AI innovation in the insurance market to further extend the company’s technological leadership

This funding round marks another significant milestone for Gradient AI, which has consistently delivered strong performance and customer satisfaction since its inception. With this new investment, the company is well positioned to achieve its growth targets.