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Tel Aviv, Israel – 25 September 2024 – Flashpoint Venture Capital, an international tech investment manager with over $500 million AUM focused on tech companies originating from Israel and Europe, is pleased to announce its 17th investment in Israel, GEOX, which has developed an AI-powered platform for analyzing real estate risk from climate-related disasters. Series A funding round was led by Flashpoint Venture Capital, with participation from Suretech Partnership, as well as investors Ariel Maislos and Noam Lanir. This funding brings the total investment in the company to $23 million since its founding.
Noam Wolf, Partner at Flashpoint Venture Capital, said: “Flashpoint’s decision to invest in GEOX was led by two main factors. The first one was GEOX’s superb technology, which has been proving itself repeatedly with top tier insurance companies worldwide. The second was the company’s team, which brings not only the unique knowledge required to build the product, but have shown agility and high performance on all fronts, providing the company with the ability to service those highly reputable and demanding customers.“
GEOX’s cutting-edge technology uses artificial intelligence to conduct 3D analysis of aerial imagery, enabling automated and highly accurate assessments of real estate properties. This advanced system helps to predict potential damage caused by natural disasters such as hurricanes, floods, and wildfires. The platform provides comprehensive, data-rich, 3D insights that include critical property details such as precise location, roof size, type, condition, slope, and more.
This depth of information allows insurers to precisely tailor premium rates to each property’s structure, value, and risk profile. As a result, property owners benefit from fair, risk-based premiums, while insurance companies gain greater confidence that they are accurately pricing policies, avoiding costly underestimation of risks that could result in significant losses.
GEOX has rapidly expanded its customer base, partnering with some of the largest and most respected insurance companies in the world. Leading global insurers such as MunichRe, Sompo, and dozens of other top-tier insurance companies rely on GEOX’s technology to streamline their underwriting processes and improve risk assessments.
These partnerships have enabled insurers to speed up claims processes, particularly in the aftermath of major natural disasters. With GEOX’s data, insurers can quickly assess damage to multiple properties, providing faster relief to homeowners and businesses in crisis. This has become especially critical as the frequency of extreme weather events has increased, driving greater demand for rapid and accurate insurance responses.
GEOX’s value proposition extends beyond just insurance firms. Its technology is also used by banks and financial institutions to perform more precise real estate valuations. Banks, including major global organizations like the World Bank, leverage GEOX’s technology to assess the value and risks of real estate assets, factoring in potential damage from natural disasters. This enables them to make more informed lending decisions, particularly in regions prone to climate-related risks.
In addition to its corporate clients, GEOX has forged key partnerships with international organizations and governmental agencies. The company collaborates with the United Nations and the World Bank to help plan climate-resilient infrastructure projects in regions vulnerable to natural disasters. GEOX’s technology assists in identifying and mitigating risks such as flooding, enabling these institutions to better protect communities by improving infrastructure planning and development.
In the U.S., GEOX is an important partner of the Federal Emergency Management Agency (FEMA). By providing critical data on property risk and damage after natural disasters, GEOX helps FEMA respond more effectively to emergencies, ensuring faster, more targeted relief efforts that can save lives and protect property.
Additionally, GEOX has extended its reach to local governments and authorities in the U.S. and Australia, working closely with them to manage disaster risks more efficiently. By providing these authorities with detailed property risk assessments, GEOX helps local governments better prepare for and respond to natural disasters, strengthening the resilience of their communities.
GEOX’s impressive growth is driven largely by its existing customer base. Over the past three years, the company has experienced 300% year-over-year revenue growth, with a significant portion of this increase coming from current clients who have expanded their use of GEOX’s platform. Many clients double their engagement with GEOX each year as they continue to see the value that the technology brings to their businesses.
The company's ability to maintain strong, lasting relationships with its customers is a testament to the quality of its platform and the tangible results it delivers. Whether helping insurers fine-tune their risk models, aiding banks in more accurate asset valuations, or assisting governments in disaster preparedness, GEOX is becoming an indispensable partner across industries.
GEOX was founded in 2018 by CEO Itzik Lavi, CTO Eli Lavi, and Guy Attar. Itzik Lavi, who founded the company at just 22 years old after serving in Israel's elite 9900 military intelligence.
