Irys Insurtech, Inc. has announced the closing of a seed funding round of $3.5 million, signalling its entrance into a market it says is dominated by stagnant legacy agency management systems.
Venture capital firm, Markd, which has a keen interest in groundbreaking insurtech innovations, led the funding round.
Established in 2021, Irys is an open API software platform aiming to break down barriers put in place by large legacy competitors.
Its cutting-edge platform utilizes machine learning and generative artificial intelligence (AI) to aid insurance brokers by providing critical information exactly when it’s needed.
Margeaux Giles, CEO of Irys, commented, “Parker Beauchamp, our lead investor, shares our vision of breaking free from outdated, restrictive insurance practices.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 Beauchamp, added, “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.”
This funding will fuel the scaling of the platform and implementation team, which the insurtech says will help to provide the industry with a much-needed escape route from the confines of traditional systems.
This funding round also included follow-on investment from insurtech firms Brokertech Ventures, Revtech Labs, Cofounders Capital, and Mtech Capital.
