OneClick Data Completes $7.2 Million Series A Financing Led by State Farm Ventures®
Leading provider of building code reports to the insurance and Construction Industries will use the funding for product and market expansion
DENVER, Oct. 15, 2024 (GLOBE NEWSWIRE) — OneClick Data, Inc. (OneClick), the leading provider of data, analytics, and tools serving the intersecting needs of property and casualty insurance providers and construction professionals, announced today it has closed a $7.2 million financing, bringing the total investment in the company to $10 million. State Farm Ventures led the financing with participation from executives and investors specializing in insurance and claims management, construction cost estimation, construction operations, data acquisition and analytics, generative AI, and enterprise systems and infrastructure.
OneClick has experienced significant growth over the past year and now serves more than 1,300 customers including over 40 insurance carriers and suppliers. This includes several of the top 10 insurance providers in the industry and a growing base of thousands of active users each month. The newly secured funds will be used to expand OneClick’s product suite, increase coverage across additional construction segments, and strengthen its partnerships and workflow integrations. These advancements will empower customers with a broader range of data, analytics, and insights to improve the speed and accuracy of cost estimation.
“Today’s investment is a strong endorsement of our vision to become the industry standard for delivering fast and accurate building code requirements, permit requirements, and other critical inputs,” said Garrett Kurtt, founder and CEO of OneClick Data. “By providing insurance carriers and construction professionals with the tools they need to estimate project costs accurately, we enhance efficiency and improve outcomes across the board. Our customers see a substantial return on investment through faster and more accurate cost estimates, improved claims processing productivity, reduced loss adjustment expenses, and, ultimately, more satisfied customers. As we continue to deepen our relationships with insurance and construction leaders, we remain committed to expanding our product offerings and driving value for all stakeholders involved.”
This latest funding round marks a significant milestone in OneClick Data’s journey, positioning the company to further innovate and lead in both the insurance and construction markets by delivering solutions that streamline and enhance project estimation and claims processes.
OneClick delivers its reports and data through the industry’s only national database of residential and commercial building code regulations, project permit requirements, and related information, organized and sorted by controlling jurisdiction, and accessible by street address. The company collects data directly from over 32,000 building departments and governmental agencies throughout the United States leveraging sophisticated data pipelines and workflow. The OneClick database is comprehensive and covers more than 99 percent of all street addresses in the country, representing a substantial improvement over other solutions which return no results up to 40 percent of the time. The company updates its database regularly and on demand following major weather and catastrophe events. This cadence is essential as building code changes are frequent and accelerating – building codes have changed more than 5,500 times over the past two years.
“OneClick’s reports and data improve claim handling processes, boost adjuster productivity, and better refine project scope,” said Michael Remmes, vice president for State Farm Ventures. “This helps companies like State Farm provide an even better overall claims experience for insurance customers. We are excited to invest in OneClick and believe the company is addressing fundamental challenges in the industry.”
About OneClick Data, Inc.
OneClick Data, Inc. is a trusted data provider that streamlines the code-sourcing process for all parties in the construction industry, creating transparency for all stakeholders in construction and restoration. OneClick Data offers products that drive data automation of jurisdictional authority for building codes, permit fees, taxes, and manufacturer specifications required for any address nationwide. Offering unique reports that can easily be shared between all stakeholders in the claims industry, OneClick Data delivers accurate codes for every claim. Welcome to restoration intelligence, automated. Visit us at www.oneclickcode.com.
About State Farm Ventures, LLC
State Farm Ventures focuses on investing in startups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC, is a wholly-owned subsidiary of State Farm Mutual Automobile Insurance Company.
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