GeoX GIS Innovations News
9 articles
growth-negative
Fund claims GEOX misrepresented revenues, customer deals, and growth prospects to secure investment.
The Canadian venture capital fund The Group Ventures (TGV) is suing the Israeli company GEOX, alleging that the company misrepresented its revenues, customer deals, and growth prospects to secure investment. TGV seeks to cancel its $1.5 million investment agreement with GEOX, claiming that the company provided false and misleading information. GEOX had launched a Series A funding round in 2024, presenting inflated data and projecting an IPO in 2029. Despite announcing a $19 million investment round in September 2024, GEOX is accused of overstating its annual recurring revenue and fabricating customer agreements. The company, which develops a platform for assessing real estate risks from climate-related disasters, is currently facing legal challenges from dissatisfied investors.
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growth-positive
GEOX secures $19 million Series A to analyze real estate risk from climate-related disasters | CTech
Israeli startup GEOX, which specializes in AI-powered 3D analysis of aerial imagery for real estate risk assessment, has raised $19 million in a Series A funding round led by Flashpoint Venture Capital. The technology helps predict potential damage from natural disasters, aiding insurers and financial institutions in accurate property valuation and risk assessment. GEOX has partnered with major insurance companies like MunichRe and Sompo, and its technology is used by banks including the World Bank. The company has seen a 300% year-over-year revenue growth over the past three years, driven by expanded use from current clients.
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growth-positive
שור-טק השקעות מימשה את האופציה ומגדילה פי 2 השקעתה ב-GEOX
Shore-Tech Investments has decided to double its investment in GEOX, a company that has developed AI-based technology for 3D aerial imaging for accurate and automatic property assessment. This technology is expected to significantly contribute to the property insurance sector. GEOX has already secured customers including tech giants such as one of the GAFAM, FEMA, leading insurance companies, countries, and cities within the US. Over the past year, GEOX has signed a significant commercial agreement with Japanese insurance giant SOMPO. The total investment of Shore-Tech in GEOX will amount to $3.75 million.
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growth-positive
https://www.jpost.com/business-and-innovation/article-696743
Japanese insurance company Sompo has partnered with Israeli startup GeoX to use their AI technology to analyze 3D aerial images of Japanese buildings and assess their real estate assets and insurance risks. GeoXs technology provides data on the size, condition, and other factors of buildings, helping to streamline the underwriting process for property damage caused by natural disasters. The demand for GeoXs technology has increased due to the rise in natural disasters and climate change-related damages. The collaboration with Sompo will save costs and provide faster service to customers. The partnership will also allow for the supervision of insured assets and the assessment of maintenance decline in buildings.
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growth-positive
Japan's Sompo to use GeoX platform for property insurance
Israeli startup GeoX has signed a commercial agreement with Japanese insurance giant Sompo to use its technology for risk assessment and underwriting accuracy in property insurance. Sompo will benefit from GeoXs AI-based technology for analyzing 3D aerial images to assess real estate assets. The collaboration is expected to make the underwriting process more efficient for damage caused by natural disasters. Sompo estimates operational savings and cost savings in claims. The partnership is led by Sompos innovation center in Tel Aviv. GeoXs customers include MunichRe, World Bank, FEMA, leading insurance firms, and states and cities in the US, Europe, and Australia. Sompo is the second largest insurance company in Japan with annual revenue of $36 billion. The article was published on February 15, 2022.
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growth-positive
טכנולוגית מיפוי תלת מימד ישראלית תאפשר להעריך פגיעות של בתים בארה"ב לנזקי אקלים New-Tech OnLine
Israeli startup GEOX has developed technology that uses artificial intelligence to assess the damage caused by natural disasters to homes in the US. The company has signed an agreement with global analytics firm EXL to provide risk assessment services for American insurance companies. The technology allows for accurate evaluation of the resilience of any structure based on aerial imagery analysis. The automated technology saves insurance companies the cost of sending surveyors to each property and enables them to monitor maintenance over time. GEOX was founded in 2018 and has received investments from Shurat HaDin and ICM. The company is expanding and hiring new employees.
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growth-positive
GEOX to produce three-dimensional mapping of 18 million buildings in Australia
Israeli startup GEOX has signed an agreement with Geoscape, the Australian government company, to map 18 million buildings across Australia using its AI technology. The mapping will provide valuable information for various industries and eliminate the need for in-person surveyors. The project will be carried out in stages, starting with major cities like Sydney and Melbourne. GEOX expects to generate cumulative revenues of approximately $15 million over the next five years. The company has received investments from Sure-Tech, a public R&D partnership. GEOX was founded in 2018 and is in the process of expanding and hiring new employees.
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Helping authorities fight the COVID19 pandemic
Growth-Positive
Part B - The Israeli InsurTech industry helps the world fight the corona virus
The article discusses how various Israeli InsurTech companies are responding to the challenges posed by the COVID-19 pandemic. Insurights.com is helping people understand their healthcare coverage better through AI and NLP. OpenLegacy is providing IT teams with a platform to simplify the process of exposing data and functionality captured in legacy systems. GeoX is using AI-based processing of aerial and satellite imagery to produce property data for remote inspections. 2TeaM is focusing on sales of long-term savings products through an app. Salient Eye is launching a Remote Doctor system to reduce the burden on doctors.
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