About Utilant
Utilant is a Financial Services company based in Buffalo (United States) founded in 2005, and was acquired by Majesco in May 2021. It operates as an inspection management software is provided for insurance underwriting and risk. Utilant has raised $7.5 million across 1 funding round from investors including Majesco and Aquiline Capital Partners. The company has 99 employees. Its chief executive is Patrick Davis. The company was acqui-hired. Its focus areas include FinTech, Insurance IT, Insurance Policy Solutions and Investigation Solutions. Its legal entity is UTILANT LLC. Its competitors include Tractable, NGrain, MotionsCloud, DropIn and OnSource and 4 more; 5 of its 9 listed competitors have raised funding.
Company details
Utilant was founded in 2005 in Buffalo, United States, as a provider of software solutions in the insurance technology sector. Inspection management tools are offered to property and casualty insurers, with a focus on underwriting and risk assessment processes. The product lineup includes Loss Control 360 for risk management tasks and RapidSketch for generating floor plan diagrams. Operations serve clients including Aviva, Chubb, GNY, and FCCI.
- Headquarters Buffalo, United States
- Employees 99
- Stage Acquired
- SectorsFinancial Services
- Email••••••••
- Phone•••• ••••
- Website utilant.com
- Social LinkedIn Facebook
- Acquired by Majesco (May 2021)
- Legal Name Utilant Llc
Funding Insights of Utilant
Utilant has successfully raised a total of $7.5M through 1 strategic funding round. The most recent funding activity was a Series A round of $7.5 million completed in January 2019. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $7.5M
- Total Rounds 1
- Last Round Series A — $7.5M
- First Round $7.5M
(Jan 2019)
- Investors Count 1
All 1 funding rounds of Utilant with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan 2019 | $7.5M | Series A | – | Aquiline Capital Partners | – |
2 investors in total: 2 institutional.
Investors in Utilant
Utilant has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Majesco and Aquiline Capital Partners.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Private equity and debt investments are directed toward financial sectors. | 2005 | aquiline.com | New York, United States | |
Provider of cloud-based insurance policy management and data analytics solutions for the insurance industry | 2015 | majesco.com | Morristown, United States |
Investor details for Utilant
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People of Utilant
3 people are tracked at Utilant (1 in leadership, 2 in team); the tracked headcount is 99.
| Name | Role | Group |
|---|---|---|
Patrick Davis | Owner & CEO | Leadership |
Jeffrey Haynes | Project Manager | Team |
Kerry Nowicki | Customer Success Manager | Team |
Complete people profiles for Utilant
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Timeline of Utilant
3 dated milestones of Utilant across 16 years, from founding to its latest funding, stage changes and deals.
- Founded Utilant is founded.
- Funding First funding round of $7.5M.
- Exit Acquired by Majesco.
Competitors of Utilant
Utilant has 9 listed competitors in our database, 5 of them funded. They include Tractable, NGrain, MotionsCloud, DropIn and OnSource, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| tractable.ai | 2014 | London, United Kingdom | $184.83M | 213 | Provider of AI-based vehicle inspection solutions for insurers and the automotive industry | |
| ngrain.com | 2000 | Vancouver, Canada | $12.5M | – | AI-powered damage assessment solutions for insurance claims are provided. | |
| motionscloud.com | 2016 | Mannheim, Germany | $2.04M | – | AI-based solutions for insurance claims adjustment are provided. | |
| dropininc.com | 2015 | Los Angeles, United States | $1.96M | – | Insurance claims are investigated using AI and live video assessments. | |
| onsourceonline.com | 2011 | Braintree, United States | $2.25M | – | Vehicle and property photo inspections via smart phone apps for claims handling | |
| weproov.com | 2015 | Paris, France | – | – | Vehicle inspection management solutions for the auto insurance industry | |
| tarla.io | 2012 | Ankara, Turkey | – | – | Farm planning software is delivered using predictive weather models. | |
| imtisystemsdev.com | 1979 | New York, United States | – | – | Provider of inspection and loss control software | |
| linkinspectpro.com | 2015 | Bay Shore, United States | – | – | Cloud-based inspection software for managing processes, tracking assets, and generating reports. |
Detailed competitors of Utilant
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Top companies in Insurance Technology & Support Services
10 companies that operate in the same segment as Utilant (Insurance Technology & Support Services), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Insurance products for vehicles, health, travel, and life are offered. | 2016 | Bengaluru, Karnataka, India | USD 746.17 M | USD 216.04 M | 1,306 | |
Auto insurance is delivered via app to individual drivers. | 2017 | London, England, United Kingdom | USD 161.3 M | USD 369.88 M | 625 | |
Cloud-based platform for property and casualty insurance is provided. | 2001 | San Mateo, California, United States | – | USD 1.48 B | 226 | |
Claims administration, loss adjusting, and benefits management services are provided. | 1969 | Memphis, Tennessee, United States | USD 2.63 M | – | – | |
Online property and casualty insurance is provided for businesses. | 2017 | San Francisco, California, United States | USD 800 M | – | 699 | |
Satellite-based imaging solutions are provided using synthetic aperture radar. | 2016 | Palo Alto, California, United States | USD 233.99 M | – | 191 | |
API-enabled insurance distribution platform is provided for B2C companies. | 2011 | Noida, Uttar Pradesh, India | USD 120.6 M | – | – | |
AI and microsatellite-based imaging solutions are developed for data monitoring. | 2014 | Espoo, Uusimaa, Finland | USD 1.25 B | USD 111.51 M | 1,156 | |
Software suite for insurance distribution and management is provided. | 2014 | New York, New York, United States | USD 354.55 M | USD 21.6 K | 649 | |
AI-enabled driver monitoring and fleet safety management solutions | 2015 | Palo Alto, California, United States | USD 215 M | – | 109 |
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Frequently Asked Questions about Utilant
Utilant was founded in 2005 and raised its 1st funding round 14 years after it was founded.
Utilant is headquartered in Buffalo, United States. It is registered at Buffalo, New York, United States.
Patrick Davis is the current CEO of Utilant.
Utilant is a funded company, having raised a total of $7.5M across 1 funding round to date. The company's 1st funding round was a Series A of $7.5M, raised on Jan 2019.
Utilant has 99 employees.
Utilant was founded in 2005 in Buffalo, United States, as a provider of software solutions in the insurance technology sector. Inspection management tools are offered to property and casualty insurers, with a focus on underwriting and risk assessment processes. The product lineup includes Loss Control 360 for risk management tasks and RapidSketch for generating floor plan diagrams. Operations serve clients including Aviva, Chubb, GNY, and FCCI.
Utilant has 2 investors. Key investors include Majesco, and Aquiline Capital Partners.
Utilant operates through Utilant Llc.
Yes. Utilant was acquired by Majesco in May 2021.