COVU Extends Series A to US$22m in AI Expansion Pursuit

COVU, a technology company that provides artificial intelligence services to insurance agencies through its platform combining AI automation with human expertise, has secured an additional US$10m in Series A funding, bringing the total round to US$22m.

AI automation drives growth The San Francisco-based company reports it has achieved 300-400% growth over the past year, with its AI systems now resolving one-third of customer enquiries without human intervention. 

The platform enables insurance agencies to automate client management while maintaining control of their relationships. This builds on COVU's $12.5m Series A announced last year.

The funding round was led by Benhamou Global Ventures (BGV), a venture capital firm focused on enterprise technology, which also led COVU's initial Series A investment. 

True Global Ventures, which specialises in blockchain and AI investments, joined as a new investor.

Strategic expansion plans 

Initially set as "milestone-based financing", the round was increased to US$10m and oversubscribed. This takes the insurtech company's total capital raised to US$32m. 

Beyond the equity funding, COVU has indicated plans to secure more than $30m in venture debt financing to develop its technology platform. 

The new capital will support the expansion of COVU's AI-native marketplace business model and strengthen partnerships within the insurance sector.

COVU leverages intelligent automation with human expertise to help agencies, brokers and financial institutions offer risk management and boost customer retention.

Ali Safavi, CEO and Co-founder of COVU says: "We believe the future of insurance is in collaboration between AI and human expertise. Insurance is not just about transactions – it is about trust, protection and high-quality service. 

“AI enhances efficiency, but licensed professionals provide the expertise and relationships that clients rely on. 

“This funding allows us to scale our mission of delivering seamless, AI-powered insurance servicing that empowers agencies rather than displacing them."

Exploring COVU

COVU was founded by Ali Safavi, who previously established Plug and Play Insurtech, an innovation platform for the insurance industry and a prominent insurtech investor. The leadership team includes former executives from major fintech and insurance companies, including Tasos Chatzimichailidis, former CEO of WeFox and CIO of Revolut, who serves as President.

The company's approach to insurance technology stems from its founding mission to help both individuals and professional advisors manage risk and insurance more effectively. 

COVU works with multiple insurance carriers and selected agents, combining artificial intelligence with human service teams to create what it terms a "one-stop shopping" experience for insurance products.

The platform's development is led by Chief Product Officer Amin Zarshenas, who holds a PhD in computer engineering, while the company's carrier relationships are managed by Brian Bell, who brings 16 years of insurance industry experience. 

This combination of technical expertise and industry knowledge has shaped COVU's strategy of enhancing rather than replacing human insurance professionals.

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