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Jones Secures $15 Million in Series B Financing

Jones, a leading vertical software provider known for its advancements in AI-driven insurance verification, has successfully closed a $15 million Series B funding round, primarily led by NewSpring Capital. The round also featured key participation from prominent investors like Hetz Ventures, Camber Creek, Khosla Ventures, and others. This funding will significantly amplify Jones's efforts to innovate insurance verification processes tailored for the real estate and construction industries.

Founded by Omri Stern and Michael Rudman, Jones specializes in leveraging artificial intelligence to streamline the collection of insurance certificates, endorsements, and policies. With a mission to support clients in making informed decisions about insurance risks, the company has already made strides across more than 25,000 properties and numerous construction projects encompassing over 2.5 billion square feet in the United States.

The newfound capital marks a transformative step for Jones as it aims to enhance its offerings further with the introduction of GenAI Agents. These smart assistants are designed to reduce manual workloads through automation and facilitate autonomous decision-making, thereby improving overall operational efficiency in risk management. These AI Agents will harness proprietary insurance data, including complex insurance logic, risk benchmarks, and a wealth of verified insurance documents.

Marc Lederman, General Partner at NewSpring Capital, commented on the immense potential of Jones's solutions, stating, "COI and insurance policy verification is a highly manual and error-prone process, making it ripe for disruption through automation. Jones’s AI solutions enable construction and real estate companies to scale their departments efficiently while mitigating legal and financial risks."

In an industry increasingly burdened by rising insurance costs, Jones is determined to tackle the ongoing challenges faced by real estate and construction firms. The recent launch of their Insurance Policy Verification tool is a direct response to the pressing need for clarity in insurance language and policy exclusions, which can often result in costly repercussions for businesses. Omri Stern, the CEO of Jones, emphasized, "The insurance markets are confronting significant challenges under economic pressures, which have transformed into some of the most pressing issues for our sector."

Jones's ability to merge AI technology with expert human oversight not only resolves the manual bottlenecks prevalent in traditional verification processes but also positions the company as a front-runner in providing compliance solutions in today's complex regulatory landscape. The massive potential for continued expansion reflects investor confidence in Jones’s capability to transform the insurance verification space through innovative technology.

By securing this additional funding, Jones is well on its way to enriching its offerings and prowess in helping clients minimize insurance claims while enhancing the accuracy of their insurance verification processes. With plans to broaden its software workflows and deepen ERP integrations, Jones is set to redefine the standards of insurance risk management in real estate and construction.

In summary, as Jones embarks on this new phase of growth, the partnership with NewSpring Capital could serve as a cornerstone for future innovations, propelling the company closer to its goal of streamlining risk management in an evolving market landscape. To discover more about their initiatives and solutions, visit Jones.