Kalepa raises $75m to expand AI insurance software
Kalepa secured $75 million in Series B funding to grow its AI platform for insurance underwriting and enter new markets.
Kalepa, a New York-based startup, has raised $75 million in Series B funding at a $470 million valuation to expand its artificial intelligence platform for insurance companies. The funding round was led by Updata Partners, with existing investors IA Ventures and Inspired Capital also participating.
Founded in 2018, Kalepa designs software that supports underwriting, pricing and portfolio management for insurers, managing general agents, reinsurers and programme administrators. The company currently operates in more than ten countries and plans to use the new capital to enhance its AI products, enter new markets and double its workforce by 2027.
Kalepa's AI platform automates workflows in insurance underwriting. It processes broker submissions by gathering documentation and data, flags missing or inconsistent information, and guides underwriters in risk analysis and decision-making. The system generates supporting information for pricing and risk assessment while maintaining human oversight at critical decision points to ensure traceability and responsible judgement.
The Series B investment will support Kalepa's growth in technology and commercial operations. The company reported tripled revenue and customer numbers over the past year, while remaining cash-flow positive for over two years. Kalepa's AI platform reportedly enables insurers to achieve more than 58% higher premium per underwriter and deliver quotes 30% to 60% faster. It also improves the combined ratio by 9.6 percentage points, reducing the share of premiums spent on claims and expenses.
Kalepa's approach emphasises task-specific AI autonomy combined with human oversight, setting it apart from competitors aiming for fully autonomous underwriting. The company plans to expand its engineering, AI and commercial teams to support growth and serve additional insurance functions and markets.
Kalepa's expansion reflects growing global investment in AI-powered insurance technology.
Kalepa aims to double its workforce by 2027, focusing on engineering, AI development and commercial expansion. The company will target new markets and insurance functions.
Sources
Source: Ventureburn
