HAVERFORD, PA — NovaData Solutions, an innovator in AI-driven software, announced it has secured Series A investment funding led by Activate Venture Partners. This infusion of capital signifies a pivotal moment for NovaData Solutions, enhancing its trajectory as a key player in the burgeoning field of Insurtech.
NovaData Solutions is the creator of the Rest-Assured® platform, a sophisticated system that employs artificial intelligence to streamline the review and analysis of property restoration invoices. By identifying cost-saving opportunities and pinpointing potential overcharges, Rest-Assured® has emerged as an essential tool for businesses seeking efficiency and accuracy in their billing processes.
Anthony Troy, Co-Founder and CEO of NovaData Solutions, expressed enthusiasm about the partnership with Activate Venture Partners, noting the firm’s extensive experience and the vote of confidence this investment represents. “This investment is a testament to the strength of our business and the confidence that investors like Activate have in our continued success,” Troy stated.
Jeff Davison, Venture Partner with Activate, echoed this sentiment, highlighting NovaData Solutions’ growth potential and vision. The collaboration between NovaData and Activate Venture Partners, bolstered by additional support from Ben Franklin Technology Partners and other individual and institutional investors, aims to propel NovaData to new levels of innovation and market expansion.
The Series A funding will enable NovaData Solutions to refine its Rest-Assured® platform further, extend its reach within the property restoration market, and accelerate its growth trajectory. This strategic investment not only underscores NovaData Solutions’ commitment to delivering value to its customers but also solidifies its leadership position within the Insurtech sector.
Chris Troy, Co-Founder and President of NovaData Solutions, expressed gratitude towards the company’s investors for their backing. “As we embark on this exciting next chapter, we are confident that with support from our existing and new investors, NovaData Solutions will reach new heights of success,” he remarked.
NovaData Solutions’ success story exemplifies the transformative impact of artificial intelligence on traditional industries. By automating and optimizing the invoice analysis process, NovaData offers a compelling solution that addresses the industry’s inefficiencies head-on. In doing so, it not only enhances operational efficiency for property restoration businesses but also contributes to the broader movement towards digital transformation in the insurance sector.
As NovaData Solutions leverages this latest round of funding to fuel its growth and innovation, industry watchers are keenly observing how this strategic investment will enable the company to redefine billing practices in property restoration and beyond.
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