Jones, an AI-driven software company focused on insurance verification for real estate and construction, has successfully raised $15 million in Series B funding, led by NewSpring Capital. This investment will support the launch of GenAI Agents, innovative tools designed to streamline the collection and verification of insurance documents. Jones aims to enhance efficiency and reduce risks in an industry that often deals with manual and error-prone insurance processes. With operations now covering more than 25,000 properties across 2.5 billion square feet in the U.S., the company’s solutions promise to help clients navigate insurance complexities and lower rising costs. This funding represents a significant step in Jones’ mission to revolutionize insurance practices in construction and real estate.
Jones Raises $15 Million in Series B Funding for AI-Powered Insurance Verification
Jones, an innovative software company focusing on real estate and construction, has successfully raised $15 million in Series B funding led by NewSpring Capital. This round also included continued support from several leading investors such as Hetz Ventures and Khosla Ventures. The funds will help Jones enhance its AI-driven solutions for insurance verification, significantly improving efficiency in a traditionally cumbersome industry.
Founded by Omri Stern and Michael Rudman, Jones uses its proprietary insurance data to accelerate the collection of critical insurance documents needed for compliance, such as certificates of insurance (COIs). The company currently supports over 25,000 real estate and construction projects, covering more than 2.5 billion square feet across the United States.
Addressing a Major Industry Challenge
With the new funding, Jones aims to tackle the challenges of rising insurance costs and complex regulatory environments. The company plans to introduce a suite of AI-powered agents designed to automate routine tasks, thereby reducing manual workloads and enhancing decision-making capabilities. These smart assistants will leverage proprietary data, including risk benchmarks and verified insurance documents, to help clients make informed decisions about insurance risks, ultimately increasing operational efficiency.
Company officials highlight the pressing need for transformation in COI and insurance policy verification processes, which are often prone to errors and rely heavily on human intervention. By implementing AI solutions, Jones is positioned to aid real estate and construction companies in mitigating legal and financial risks, particularly as compliance demands grow.
Future Directions
Looking ahead, Jones intends to deepen its integration with key enterprise resource planning (ERP) systems, enhancing its software workflows further. The company’s latest offering, Insurance Policy Verification, helps clients understand exclusionary language in policies to prevent costly payouts from third-party claims—a crucial step toward securing financial stability in an ever-evolving Market.
As Jones continues to bridge the gap between AI capabilities and traditional insurance practices, it cements its role as a pivotal player in the real estate and construction sectors. This funding round marks a significant milestone in the company’s journey to revolutionize insurance verification processes.
For more information about Jones and its innovative solutions, visit their website at www.getjones.com.
What is Jones’ new funding for?
Jones raised $15 million in a Series B funding round. This money will help them improve their technology that checks insurance information using advanced AI, especially for real estate and construction industries.
How does Jones use AI for insurance verification?
Jones uses Vertical AI agents to quickly and accurately verify insurance coverage. This helps businesses in real estate and construction avoid delays and errors that can come from manual verification processes.
Who invested in Jones’ Series B funding?
The details about specific investors haven’t been fully disclosed yet, but the series B funding attracted interest from several venture capital firms looking to support innovative tech in the real estate and construction sectors.
Why is insurance verification important in real estate and construction?
Insurance verification is crucial because it ensures that companies have the right coverage. Without proper verification, businesses risk financial loss and legal issues if something goes wrong on a project.
What are the benefits of using Jones’ solution?
Using Jones’ solution saves time and reduces mistakes in the insurance verification process. It allows companies to focus on their projects instead of spending hours checking insurance details, leading to quicker decision-making and increased efficiency.