Kalepa Raises $75M to Expand AI-Powered Insurance Software
Kalepa Raises $75M in Series B Funding Kalepa has raised $75 million to expand its artificial intelligence platform for insurance companies. The New York-based startup received the investment at a The post Kalepa Raises $75M to Expand AI-Powered Insurance Software appeared first on Ventureburn .
Kalepa, a New York-based startup, has secured $75 million in Series B funding to bolster its AI-powered insurance software. The investment, led by Updata Partners, brings the company's total raised capital to $75 million. Founded in 2018, Kalepa's platform aids insurers with underwriting, pricing, and portfolio management. The $75 million funding round follows the company's Series A raise of $14 million in 2021.
Co-founder and CEO Paul Monasterio highlights the integration of AI capabilities with expert insurance knowledge. The company aims to expand its AI offerings, enter new markets, and double its workforce by 2027. Notably, Kalepa's software automates insurance underwriting workflows, generating support information for pricing and underwriter risk assessment while maintaining human oversight.
The AI platform has reportedly increased premiums per underwriter by over 58% and reduced the combined ratio by 960 basis points.
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