Chicago startup Arturo, a real estate data and analytics company spun out of American Family Insurance, has raised a seed round of funding as it looks to become a standalone business.
Terms of the investment were not disclosed, but the round was led by Madison-based AmFam.
Arturo uses artificial intelligence and deep learning to create satellite, aerial, drone and ground-level images that allow real estate professionals to accurately assess physical property characteristics. The startup’s tech is based on research started in 2017 at AmFam’s data science and analytics lab to simplify the decision-making processes for insurers, lenders, investors and property managers in the real estate industry.
Arturo says its tech can generate detailed property information often in under five seconds for its clients. Besides AmFam, Arturo’s clients include Chicago home insurance startup Kin and Openly, another home insurance tech company in Boston.
To help spin out the company from AmFam and fully transfer all the intellectual property developed since inception to Arturo, John-Isaac Clark joined the startup in 2018. The startup now employs 20 people at its Chicago headquarters in the River North neighborhood.
“Building an AI analytics company directly inside your ideal customer and immediately next to the highest value problems that can generate significant value is the dream for any CEO,” Clark said in a statement. “We’re incredibly excited to share with the industry what our fantastic team has been working on with our stealth-mode customers and the real value Arturo is enabling.”
