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ew York-based Jones, a startup that simplifies insurance compliance for real estate and construction firms, has secured Series B funding led by Radnor, Pa.-based NewSpring Capital, which manages $3.5 billion in capital. Major existing investors, including Camber Creek, Jones Lang LaSalle, Rudin Ventures, and Ground Up Ventures, participated in the round, along with Hetz Ventures, Khosla Ventures, and DivcoWest Ventures.

    Founded by CEO Omri Stern and CTO Michael Rudman, Jones uses AI to tackle a "systemic problem" of inefficiencies and costly errors in insurance compliance. For instance, commercial real estate tenants struggle to create certificates of insurance for vendors entering their properties. The startup's technology can process an insurance certificate in under an hour and reduce vendor approval time from 12 days to 2.5 days with 99.9% accuracy.

    Jones' AI agents are built on proprietary data, including insurance logic, risk benchmarks, and millions of verified insurance documents. Its latest product release helps clients flag and interpret exclusionary language in insurance policies to mitigate costly payouts. "COI and insurance policy verification is a highly manual process ripe for disruption through automation," said Marc Lederman, general partner at NewSpring Capital.

    Jones' software is used in over 25,000 U.S. real estate properties and construction projects spanning more than 2.5 billion square feet. The company has previously raised $20 million, including a $12.5 million Series A round in 2021.