NEW YORK, Jan 7, 2025 – Deep Vector, an AI platform for analyzing underwriting documents, closed its seed round of $1.5M, co-led by Aperture Venture Capital and InsurTech NY.
Deep Vector helps insurers and brokers translate the influx of analog documents used for underwriting risk—claims loss runs, Acord forms, motor vehicle records, and business records—into usable and actionable data. Previously known as Loss Scan, Deep Vector uses a proprietary algorithm and machine learning to classify documents from a library of 5,600+ formats specific to each insurance carrier’s forms. Once identified, Deep Vector processes and translates the documents into usable data for carriers, brokers, and risk managers.
“Insurers have little incentive to make their loss run and claims analysis process easier because it is simply a cost center,” said David Gritz, Managing Director at InsurTech NY. “Deep Vector bridges the gap between the insurance broker and underwriter for complex commercial accounts and saves thousands of hours analyzing accounts.”
Deep Vector seeks to become the default translation layer for insurance data extraction. Over 30 of the top 100 insurance brokerages and many more carriers, underwriters, MGAs, and brokers have already transformed their operations with Loss Scan. The rapid adoption by industry leaders shows that Deep Vector isn’t just innovative – it’s delivering real results for the most demanding organizations in insurance.
“We are excited about the growth prospects for Deep Vector,” said Garnet Heraman, General Partner at Aperture VC. “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.”
Founders Scott Knowles and Wesley Janse van Rensburg understand the market. Knowles started his career as a commercial insurance broker, and most recently, the team sold their insurance analytics business, Modgic, 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.” said Scott Knowles, co-founder of Deep Vector. “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.”
The Deep Vector will showcase its breakthrough technology next at the InsurTech Spring Conference on April 2-3 at Pier 60 in NYC.
About Deep Vector
Deep Vector leverages cutting-edge technology and advanced proprietary algorithms to extract data with unparalleled accuracy in a matter of seconds from highly complex documents. While the company initially specialized in the insurance industry with its product Loss Scan—particularly in processing the thousands of variants of Insurance Loss Runs—its capabilities extend far beyond this sector. The platform’s versatile engine can readily adapt to any document type or industry, positioning Deep Vector for rapid expansion into new markets. This industry-agnostic approach creates boundless opportunities, with planned expansion into finance, healthcare, and government sectors. For more information, visit www.deepvector.com
About Aperture Venture Capital
Aperture Venture Capital is a seed stage investor in startups leveraging financial innovation and AI to help companies and consumers thrive. Its first fund was launched in 2021 with investments from global financial technology giants FIS, Truist, PayPal, Bank of America, Progressive, MassMutual, as well as NextEra Energy. Aperture’s fund platform is purpose-built to invest with expertise across the full spectrum of financial services including banking, payments, insurance, security, compliance and enterprise SaaS. For more information, visit https://aperturevc.com/.
About InsurTech NY
InsurTech NY serves as an international nexus for the insurance innovation community, bringing together carriers, brokers, investors, and InsurTech startups through educational conferences, competitions, and accelerators. The organization aims to accelerate corporate innovation, attract talent to the insurance sector, foster innovation-friendly regulations, and enhance access to investment opportunities. For more information, visit insurtechny.com.
Contact: David Gritz
press@insurtechny.com
212-634-9516
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