What is Groundspeed?
Founded in 2015 and headquartered in Michigan, Groundspeed Analytics provides a leading SaaS-delivered submission and placement technology tailored for the commercial property and casualty (P&C) insurance industry. Its core offering, the Groundspeed API, functions as an enterprise data pipeline solution. This technology empowers insurance carriers and brokers to automate the critical process of ingesting and enriching information contained within unstructured submission documents. Groundspeed's comprehensive suite of solutions is accessible via API, facilitating seamless integration into existing workflows and enhancing operational efficiency for its clients.
How much funding has Groundspeed raised?
Groundspeed has raised a total of $32M across 2 funding rounds:
Series A
$2M
Series B
$30M
Series A (2017): $2M with participation from ManchesterStory Group, Tappan Hill Ventures, and Michigan Angel Fund
Series B (2018): $30M, investors not publicly disclosed
Key Investors in Groundspeed
ManchesterStory Group
ManchesterStory Group is a venture capital firm specializing in early-stage investments within the financial services, healthcare, and insurance sectors, aiming to foster growth through strategic capital deployment and long-term partnerships.
Tappan Hill Ventures
Tappan Hill Ventures is an investment firm founded by University of Michigan alumni, focused on achieving above-average risk-adjusted returns while cultivating relationships among its members and leveraging diverse domain expertise.
Michigan Angel Fund
Michigan Angel Fund (MAF) is a professionally managed angel fund dedicated to financing early-stage Michigan-based companies and attracting additional angel investors to the state's entrepreneurial landscape.
What's next for Groundspeed?
With the recent infusion of capital, Groundspeed is strategically positioned to further enhance its SaaS platform and expand its market reach within the commercial P&C insurance industry. The company's focus on automating data ingestion and enrichment through its API-driven solution addresses a critical pain point for carriers and brokers. Future developments are likely to center on deepening its technological capabilities, expanding its client base, and potentially exploring new verticals or service offerings. This strategic investment will fuel innovation and solidify Groundspeed's role as a key technology provider in the insurance ecosystem.
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