Kalepa Lands $75M Series B at $470M for Insurance AI Agents

Kalepa, a New York insurance-AI startup founded in 2018, has raised a $75 million Series B at a $470 million valuation, Reuters reported. Updata Partners led, with existing backers IA Ventures and Inspired Capital following on. Total funding now stands at $91 million.

The pitch is that specialist AI agents can run underwriting, pricing and portfolio management better than general-purpose tooling. The company says carriers using its platform, including W.R. Berkley, Bowhead Specialty and AmRisc, have delivered 30% to 60% more premium per underwriter, cut quote time by 58%, doubled quote-to-bind rates, and improved combined ratios by 960 basis points. Those are company-reported customer outcomes, not uniform results promised for every deployment.

"Insurance runs on the judgment of experienced professionals, and our Professional Grade AI is held to that same standard," co-founder and CEO Paul Monasterio said. "That means insurers can look at each task and ask who does it best, and at what cost. Sometimes that's AI and sometimes it's a person."

Revenue and customer count tripled over the past year, platform work volume grew fourfold, and the company says it has been cash-flow positive for more than two years. Proceeds will fund additional AI products, entry into new geographic markets, and a plan to double headcount through 2027.

The round lands during a run of agent-platform deals across our agents tracker, which has logged 539 stories in the last 90 days.