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ew York-based startup Jones has secured a Series B funding round led by Radnor, Pa.-based growth equity firm NewSpring Capital, which manages $3.5 billion in capital. Existing investors such as Camber Creek, Jones Lang LaSalle, Rudin Ventures, and Ground Up Ventures also participated in the round, alongside new backers Hetz Ventures, Khosla Ventures, and DivcoWest Ventures.
Founded by CEO Omri Stern and CTO Michael Rudman, Jones uses AI to simplify insurance compliance for real estate and construction firms. The startup's technology helps clients navigate complex rules and regulations, such as creating certificates of insurance (COI) for vendors entering their properties.
"The insurance industry is facing significant challenges due to economic pressures and a lack of digitization," said Stern, an Israeli-born entrepreneur and Harvard Business School alum. "Our AI agents can process COIs in under an hour and reduce vendor approval time from 12 days to just 2.5 days with 99.9% accuracy."
Jones' latest product release helps clients flag and interpret exclusionary language in insurance policies to mitigate costly payouts. The company's software is used in over 25,000 U.S. real estate properties and construction projects spanning more than 2.5 billion square feet.
NewSpring Capital's Marc Lederman noted that Jones' AI solutions enable companies to scale their departments efficiently while mitigating legal and financial risks. As compliance becomes increasingly complex, Jones has ample room for continued expansion.
