Deep Vector Closes $1.5M Round Co-Led by Aperture and InsurTech NY

Deep Vector, an artificial intelligence (AI) platform for analyzing underwriting documents, closed its seed round of $1.5 million, co-led by Aperture Venture Capital and InsurTech NY.

Deep Vector helps insurers and brokers translate analog documents used for underwriting risk—claims loss runs, ACORD forms, motor vehicle records, and business records—into usable data.

Previously known as Loss Scan, Deep Vector uses a proprietary algorithm and machine learning to classify documents from a library of more than 5,600 formats specific to each insurance carrier’s forms. Once identified, Deep Vector 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,” according to 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.”

The company’s founders are Scott Knowles and Wesley Janse van Rensburg. Knowles started his career as a commercial insurance broker, and most recently, the team sold their insurance analytics business, Modgic, to Zywave.

“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 Knowles.

InsurTech NY brings together insurers, investors, and insurtechs through conferences, competitions, and accelerators. Deep Vector will showcase its technology next at the InsurTech Spring Conference on April 2-3 in New York City.

Aperture is a seed-stage investor in startups leveraging financial innovation and AI.