Kalepa insurance AI Raises $75 Million Series B at $470 Million Valuation

Kalepa, the New York-based insurtech founded in 2018, announced a $75 million Series B round on November 5, 2026, at a $470 million post-money valuation. The round was led by Updata Partners and included participation from IA Ventures and Inspired Capital. The company has now raised $91 million in total funding.

Series B Funding Details and Investor Backing

Updata Partners led the round while existing backers IA Ventures and Inspired Capital also participated. Kalepa completed a $14 million Series A in 2021, bringing cumulative capital to $91 million. The firm reported that both revenue and customer count tripled over the past twelve months, platform workload increased fourfold, and the business has stayed cash-flow positive for more than two years.

Key customers now include W.R. Berkley, Bowhead Specialty, AmRisc, Munich Re, Church Mutual, Canopius, and Secura. These carriers and MGAs use the platform across submission intake, risk analysis, pricing, and portfolio management with human oversight retained for final approvals and full audit trails.

Customer outcomes reported by Kalepa include a 30–60 percent increase in premium per underwriter, a 58 percent reduction in quote time, a doubling of quote-to-bind rates, and a 960 basis-point improvement in combined ratio. The company attributes these gains to its specialized AI agents that handle routine tasks while preserving underwriter judgment on complex risks.

Kalepa insurance AI Expands Across the Insurance Value Chain

Kalepa markets its Copilot system as Professional Grade AI that orchestrates multiple agents across underwriting workflows. The platform maintains traceability and auditability required by regulated insurers. Recent leadership additions include CTO Garrett Schlesinger, formerly of Affirm, where he built real-time underwriting systems, along with a chief revenue officer from Addepar, a head of product from Palantir, and a head of talent from Block and Shopify.

The company plans to use the new capital to extend the product suite into product development, reinsurance placement, and distribution channels. It also intends to enter additional geographic markets, including Europe, and to double headcount in 2027 with a focus on engineering, AI research, and commercial teams. These moves address persistent labor shortages and the need for precise risk selection as pricing softens in parts of the commercial lines market.

Insurers evaluating AI tools can compare Kalepa’s metrics against their own underwriting productivity and loss ratios. The platform’s reported improvements in quote speed and combined ratio offer a concrete benchmark for technology procurement decisions in 2027 budgeting cycles.

Market Context and Planned Growth for 2027

AI-focused insurtech companies have captured a large share of recent funding rounds in the sector. Kalepa positions its domain-specific agents as a response to rising loss costs and the requirement for disciplined underwriting amid competitive pricing. The firm’s cash-flow-positive status and tripling revenue provide operational evidence that specialized AI can scale without sustained losses common in earlier insurtech cycles.

Next steps include broader customer deployments, continued product releases, and international expansion. No IPO timeline has been disclosed. Insurers and MGAs reviewing underwriting technology can monitor Kalepa’s quarterly customer additions and workload growth as indicators of platform maturity through 2027.