Insurtech startup Irys raises US$3.5m in seed funding round
Founded in 2021, Irys is an insurtech startup that operates an open API software platform utilising machine learning and generative AI to provide vital information to insurance brokers when required.
Now, it has announced the closing of a US$3.5m seed funding round, marking its first significant step into the insurance industry – an arena it says is dominated by ‘stagnant legacy management systems’.
Hoping to break insurance free from the clutches of outdated, restrictive practices – the company has found its niche to penetrate – leveraging technology to provide support for brokers.
Irys: New kids on the block
With its seed funding secured, Irys plans to invest in its platform, scaling its services and the size of its implementation team.
With this growth, Irys says it can help provide legacy players the answer to help them break free from the confines of traditional systems.
Funding was led by venture capital (VC) firm Markd, which has a firm interest in new, to-market insurtech innovations.
Other investors include Brokertech Ventures, Revtech Labs, Cofounders Capital and Mtech Capital, all of which put pen to paper on follow-up investment in Irys at a later stage.
Irys CEO Margeaux Giles says: “Parker Beauchamp, our lead investor [Markd Managing Partner], shares our vision of breaking free from outdated, restrictive insurance practices.
“We’ve assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We’re not just shaking the tree; we’re uprooting it.”
Markd's Managing Partner Parker Beauchamp adds: “In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system.
“I have no issue with legacy claims of those to be the original insurtechs. They certainly act like it.
“In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having.”
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