GEOX team. (Danit Finkelshtein)
The Israeli startup’s technology uses artificial intelligence to conduct 3D analysis of aerial imagery, enabling automated and highly accurate assessments of real estate properties. This system helps to predict potential damage caused by natural disasters such as hurricanes, floods, and wildfires.
Israeli startup GEOX, which has developed an AI-powered platform for analyzing real estate risk from climate-related disasters, has successfully raised $19 million in a Series A funding round. The 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.
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.
GEOX’s technology uses artificial intelligence to conduct 3D analysis of aerial imagery, enabling automated and highly accurate assessments of real estate properties. This system helps to predict potential damage caused by natural disasters such as hurricanes, floods, and wildfires. The platform produces comprehensive, data-rich, 3D insights that include critical property details such as precise location, roof size, type, condition, slope, and more.
This information allows insurers to 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 partnered with some of the largest insurance companies in the world, including MunichRe and Sompo.
The company’s 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.
According to the company, over the past three years it 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.
