VC-backed Groundspeed Analytics nabs venture loan facility from Horizon

The company will use the loan proceeds for general corporate and working capital purposes.

  • Groundspeed’s backers include Oak HC/FT and Insight Partners
  • Based in Farmington, Connecticut, Horizon is a specialty finance company

Horizon provides a venture loan facility to Ann Arbor, Michigan-based Groundspeed Analytics, an AI platform. No financial terms were disclosed.

Groundspeed’s backers include Oak HC/FT and Insight Partners.

The company will use the loan proceeds for general corporate and working capital purposes.

“Groundspeed’s platform is solving one of the insurance industry’s most challenging problems by accelerating the insurance submission process and making commercial P&C carriers more productive,” said Gerald A. Michaud, president of Horizon in a statement. “As a result, Groundspeed has been able to win subscription contracts with some of the largest and most well-known commercial insurance carriers in the country. We are pleased to support Groundspeed’s ongoing expansion strategy and continued growth.”

Horizon is a specialty finance company that provides loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. Horizon is headquartered in Farmington, Connecticut.