CIBC Innovation Banking Provides Growth Capital to Gradient AI

BOSTON--(BUSINESS WIRE)--CIBC Innovation Banking announced today 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.

About CIBC Innovation Banking

CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. Innovationbanking.cibc.com

About Gradient AI

Gradient AI is a leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions 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. Unlike other solutions that use a limited claims and underwriting dataset, Gradient AI’s software-as-a-service (SaaS) platform leverages a vast industry data lake comprising tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic, and demographic information. Customers include some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insured employers across all major lines of insurance. By using Gradient AI's solutions, insurers of all types achieve a better return on risk. To learn more about Gradient AI, visit: https://www.gradientai.com or follow on LinkedIn.