CIBC Innovation Banking announced that it has provided growth capital financing to Gradient AI (Gradient). This financing will support Gradient’s growth plans and development efforts to better serve clients and address evolving challenges across the insurance industry.
Gradient is a leading enterprise software provider of artificial intelligence solutions in the insurance industry. The company’s solutions help improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation.
“While we are thrilled to secure this investment from CIBC Innovation Banking, it is now up to us to continue to address the industry challenges by enhancing our platform and delivering unparalleled value to our customers,” said Stan Smith, CEO of Gradient AI. “Insurers are becoming increasingly sophisticated in their risk assessment, yet challenges still arise. We are focused on helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
“We are excited to work with and support the Gradient AI team as it continues to expand its market footprint and transformational solutions across the insurance industry,” said George Bixby, Director at CIBC Innovation Banking. “The team’s innovative approach to leveraging artificial intelligence is reshaping how insurers assess risk, manage claims, and deliver value to their customers.”
Gradient is backed by Centana Growth Partners, MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures.