Nationwide invests in Indico
Boston-based company accelerates intelligent automation solutions
Columbus, OH - Nationwide’s venture capital investment team has participated in a $22 million Series B equity financing round of Indico, a leading provider of enterprise AI solutions for intelligent process automation.
The new funding will enable Indico to further capitalize on its position as a leader in the fast-growing intelligent automation category. Built on its breakthrough artificial intelligence approach, Indico enables customers to capture dramatic efficiency gains by automating the intake and understanding of the document and image-based workflows across the insurance, financial services, and healthcare industries.
“Indico has built a compelling ‘human-in-the-loop’ A.I. platform that combines the best elements of machine learning technology and people. In certain workflows, Indico’s platform enables people to be four to eight times more productive,” said Brian Anderson, Senior Director for Nationwide’s venture capital team. “Our team believes that many of the best technologies leverage the power of people. Indico is a great example of exactly that strategy.”
“The global pandemic has created a dramatic new set of challenges for business leaders in 2020,” said Tom Wilde, CEO Indico. “One of the most direct results has been the accelerated investment in digital transformation and automation initiatives to create more robust operating capabilities. We’re thankful for Nationwide’s investment in Indico’s solution for the automation of document intensive workflows. It will help us continue to drive results across our key verticals with our ‘business first’ product strategy and our disruptive core technology advantage.”
Nationwide’s venture capital team has made several investments, including HOVER, Deep Sentinel, Planck, Upstream Security, KINETIC, Vesta Healthcare, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic, Flo Technologies, Sure, and NewRetirement.
Nationwide has committed to investing over $100 million in innovative early- and growth-stage technology companies to help drive next generation products, services, and experiences for our current and future members.
Nationwide’s partnerships through venture capitalIn addition to Nationwide’s venture capital investment efforts, the company has several notable partnerships within the portfolio, including:
- In August 2020, Nationwide’s Private Client team launched a Smart Home Solution with Flo by Moen which will give their customers more control in protecting their homes.
- In November 2019, Nationwide announced a three-year commercial agreement with Betterview. Betterview is quickly becoming the platform essential to every transaction around buildings and properties, enabling the insurance carrier to utilize Betterview's predictive roof analytics and risk management platform for commercial property renewals.
- In September 2019, Nationwide launched Spire - a simple, easy-to-understand digital auto insurance platform, built on fair and straightforward principles and designed to be convenient and accessible from your phone. Spire chose portfolio company Socotra as the core system to power its new digital insurance platform.
- In May 2019, Nationwide partnered with small business lender BlueVine and launched the “Pitch to Win” small business contest, which awarded more than $100,000 to small business owners.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.