Kalepa has raised $75 million in a Series B funding round at a $470 million valuation, giving the New York-based insurance AI startup fresh capital to expand its role inside commercial insurance operations.
Growth-equity firm Updata Partners led the round, with existing backers IA Ventures and Inspired Capital participating. The investment takes Kalepa’s reported total funding to $91 million.
Unlike consumer-facing insurance apps, Kalepa builds software for the people deciding whether insurers should cover a business, what risks it carries, and how its policy should be priced.
Its platform analyzes incoming insurance submissions, extracts information from complex documents, flags exposures and gives underwriters a clearer view of the risks they are reviewing. It also supports quoting, pricing and portfolio management.
That is valuable in commercial insurance, where teams can spend hours piecing together fragmented information before deciding whether to write a policy. Kalepa wants AI to handle more of that preparation without removing human judgment.
The company already works with established insurance names including W. R. Berkley and Bowhead Specialty. In October, Kalepa said revenue and customer count had tripled over the previous year, while workflows run on its platform had nearly quadrupled.
Kalepa also reports that customers are processing work faster and producing more premium per underwriter. These are company-reported outcomes, rather than independently audited industry benchmarks.
The funding is expected to support new AI products, international expansion and hiring as Kalepa extends its technology across more of the insurance workflow. The bigger test will be whether insurers trust these systems with increasingly consequential decisions, not just administrative tasks.
Photo credit: Kalepa (official company website).
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