towerIQ, Inc.

towerIQ, Inc. is a technology company focused on optimizing insurance processes and enhancing data management for its clients, particularly in the commercial insurance sector. Founded in 2017 in Boston, US, towerIQ, Inc. specializes in data optimization for the insurance industry.

The company has successfully completed 2 deals, with the most recent being a Seed funding round in June 2022, which raised USD 2. 00 mn led by Hyperplane Venture Capital, alongside investors like Clocktower Technology Ventures and Laconia Capital Group. The company was acquired by ReSource Pro, LLC on June 24, 2022, as part of their strategy to enhance operational efficiencies in complex commercial accounts. Adam Demos and Anthony Kunjombe serve as the company's co-founders and current CEOs.

towerIQ, Inc. provides advanced technology solutions specifically tailored for the insurance sector, offering tools that improve data synchronization and risk management. Their suite includes proprietary automation technologies, such as an OCR tool that extracts data from various formats, and AI capabilities that assist agents in streamlining their tasks. The company caters primarily to insurance agencies across the United States, ensuring compliance and operational efficiency through integrated systems with popular agency management platforms.

towerIQ, Inc. generates revenue through service subscriptions and partnerships, primarily in the B2B sector for insurance agencies. Their pricing model allows clients to subscribe to specific services that enhance operational efficiency, focusing on automating repetitive tasks. The exact pricing details for specific products are not disclosed, but their offerings are designed to maximize productivity for clients.

As a Vertafore Orange Partner, their integration capabilities contribute to ongoing revenue streams from existing clients and new business opportunities. Following its acquisition by ReSource Pro, LLC, towerIQ, Inc. aims to enhance its product offerings and expand its market reach. The company plans to launch new technology solutions designed specifically for middle to large market, complex, and specialty commercial accounts.

Recent funding from the Seed round will be utilized to improve product development and extend their services into new regions. This strategic acquisition is set to deliver on ReSource Pro’s mission of transforming insurance operations and optimizing client data, thereby driving future growth.