Jones Raises $15M to Transform Insurance Verification with AI

Jones, a leading vertical software company specializing in AI-powered insurance verification, has announced the successful closure of its $15 million Series B funding round. The round was spearheaded by NewSpring Capital, a growth equity firm managing $3.5 billion in capital, with continued participation from existing investors such as Hetz Ventures, Camber Creek, Khosla Ventures, and others.

Transforming Insurance Verification

1. About Jones
   • Founded by Omri Stern and Michael Rudman, Jones provides real estate and construction clients with tools to:
     • Accelerate the collection of insurance certificates (COIs), endorsements, and policies.
     • Verify compliance with precision.
     • Integrate seamlessly with ERP systems.
   • The company’s reach includes 25,039 properties and projects spanning 2.5 billion square feet across the U.S.
2. Focus Areas
   • Jones aims to automate insurance verification processes and reduce manual workloads.
   • The development of AI-powered Agents will enable clients to automate routine tasks, interpret insurance documents, and make autonomous decisions.
3. Proprietary Technology
   • Fine-tuned with proprietary data, including insurance logic, risk benchmarks, and millions of verified insurance documents.
   • Expanded software workflows and deeper ERP integrations are planned to enhance functionality.

Investor Confidence and Industry Impact

1. Investor Insights
   • Marc Lederman, General Partner at NewSpring Capital, highlighted the complexity and inefficiency of current COI verification processes.
   • Jones’ AI solutions position construction and real estate companies to scale operations while mitigating risks in today’s increasingly litigious environment.
2. Addressing Industry Challenges
   • Rising insurance costs and regulatory complexities demand innovative solutions.
   • Jones’ Insurance Policy Verification tool identifies exclusionary language in policies, mitigating costly payouts from third-party claims.
3. Economic Significance
   • The funding positions Jones to address economic pressures in insurance markets, where digitization remains a critical need.
   • The integration of machine learning and human compliance expertise has enabled Jones to overcome traditional bottlenecks, offering unparalleled scalability.

What’s Next for Jones?

With the new funding, Jones is poised to further its mission of streamlining insurance risk management for the real estate and construction sectors. The company’s efforts will focus on refining AI-driven workflows, expanding partnerships, and driving innovation to meet industry demands.

Jones is redefining insurance verification with its innovative AI-driven solutions, addressing inefficiencies, and empowering clients to make smarter decisions. The Series B funding underscores investor confidence in the company’s ability to transform an industry plagued by manual, error-prone processes.

PR Newswire