Last Updated: 8 January 2025
Deep Vector, an AI platform for analyzing underwriting documents, has closed its seed round of $1.5M, co-led by Aperture Venture Capital and InsurTech NY. Although it has the hallmarks of a seed investment and sets the stage for further growth, valuation was not publicly disclosed.
Aperture Venture Capital and InsurTech NY stand out for their deep roots in financial technology and insurance innovation.
Their involvement signals confidence that Deep Vector’s approach—turning analog forms like claims loss runs, Acord forms, and business records into readily usable data—will gain rapid industry adoption.
The insurance sector traditionally relies on significant amounts of paperwork, often causing bottlenecks and leaving little incentive to streamline processes. Deep Vector aims to use specialized AI to simplify underwriting and bridge longstanding gaps in document processing.
"Insurers have little incentive to make their loss run and claims analysis process easier because it is simply a cost center. Deep Vector bridges the gap between the insurance broker and underwriter for complex commercial accounts and saves thousands of hours analyzing accounts."
David Gritz, Managing Director at InsurTech NY
By combining proprietary algorithms with a database of 5,600+ insurance forms, Deep Vector processes and translates documents into valuable data in seconds. This helps brokers, underwriters, and risk managers gain new insights, cut hours of manual work, and focus on higher-value tasks.
Deep Vector plans to use the newly raised capital to refine its existing AI technology, expanding the platform’s capabilities beyond insurance into other sectors such as finance, healthcare, and government.
The company believes that quick, accurate data extraction can be a game-changer for any organization dealing with large volumes of analog records.
Future goals include further development of the platform’s machine learning model, strategic hiring to strengthen in-house expertise, and potential partnerships aimed at bringing next-level automation to broader markets.
By continuing to iterate on its core product, Deep Vector seeks to empower more industries the same way it has served carriers, MGAs, underwriters, and brokers in insurance.
Deep Vector started as Loss Scan, founded by Scott Knowles and Wesley Janse van Rensburg, both of whom recognized firsthand the pain points in commercial insurance. Knowles began his career as a commercial insurance broker, and together they previously built and sold Modgic, an insurance analytics business, to Zywave.
"Deep Vector's product Loss Scan breaks down the barriers that have locked away valuable claims data for decades. By automating the extraction of information from complex loss runs, we're giving insurance professionals access to previously buried insights in PDFs and spreadsheets. It's not just about saving time – it's about unlocking data that transforms how underwriters assess risk and brokers serve their clients. Only with the power of Deep Vector can brokers shift their time to true risk management and advisory instead of paperwork processing. By automating the tedious task of manual data extraction, we're liberating insurance professionals to focus on what matters – analyzing risks and providing strategic guidance to their clients."
Scott Knowles, co-founder of Deep Vector
A key differentiator is the platform’s adaptive engine, which classifies and translates complex documents. This approach can significantly boost efficiency and free up resources, ultimately giving insurance professionals, and eventually other sectors, a new way to unlock hidden data.
Aperture Venture Capital is a seed-stage investor in startups leveraging AI and financial technology. Aperture’s current fund includes backing from established companies such as FIS, Truist, PayPal, Bank of America, Progressive, MassMutual, and NextEra Energy, showing its broad reach in fintech and insurance.
"We are excited about the growth prospects for Deep Vector. The insurance industry is the largest data repository for business. Deep Vector unlocks that data for better risk modeling, resource management, and ultimately better customer experiences."
Garnet Heraman, General Partner at Aperture VC
InsurTech NY is an international hub for insurance innovation, facilitating connections among insurers, investors, and InsurTech companies through conferences, competitions, and accelerators.
This seed round is a key milestone for Deep Vector, marking the company’s emergence as an AI leader in document analysis. Its rapid traction among top insurance players sets the stage for broader adoption, building on previous successes and positioning the company for future rounds of financing.
