Kalepa has raised $75m in a Series B funding round to expand its artificial intelligence platform for insurers, as the New York-based InsurTech looks to help carriers and managing general agents (MGAs) improve underwriting decisions and operational efficiency.
The investment was led by Updata Partners, with existing backers IA Ventures and Inspired Capital also participating. The round values Kalepa at $470m and brings its total funding to $91m. Its previous investment was a $14m Series A in 2021, led by Inspired Capital.
Kalepa intends to use the capital to broaden its AI product offering, enter new markets and double its workforce during 2027. The company has reported threefold growth in both revenue and customers over the past year, while maintaining positive cash flow for more than two years.
Its technology is already used by major insurance businesses, including W. R. Berkley, Bowhead Specialty and AmRisc. These relationships come as insurers face mounting pressure to improve underwriting performance, particularly as rising claims costs, softer pricing and the departure of experienced employees create challenges across the sector.
Kalepa’s platform is designed to bring AI into more stages of insurance operations, rather than limiting automation to individual administrative tasks. It coordinates workflows across underwriting, pricing, operations and portfolio oversight, allowing insurers to determine where AI can handle work independently and where human expertise remains necessary.
At the centre of the platform is a purpose-built AI harness that manages its underlying agents. The system adapts to changing conditions and adjusts the level of autonomy assigned to individual tasks according to their risk. Human underwriters remain involved where specialist judgement or approval is required, while outputs are checked to ensure decisions remain traceable and auditable.
The approach is intended to help insurers increase productivity without removing professional oversight from complex underwriting decisions. According to Kalepa, customers using its platform have recorded between 30% and 60% more premium per underwriter, alongside a 58% reduction in quoting times. The company also reports a 960-basis-point improvement in combined ratios and a doubling of quote-to-bind rates.
The volume of work processed through the platform has quadrupled over the past 12 months, reflecting increased use of its technology across insurance workflows.
Kalepa has also expanded its leadership team as it prepares for its next growth phase. Garrett Schlesinger recently joined as chief technology officer, bringing 12 years of experience at Affirm, where he joined as its 12th employee and helped develop its real-time underwriting engine.
He works alongside chief revenue officer David Meister, previously at Addepar, head of product Audrey Howell, who held roles at Palantir and Butterfly Network, and head of talent Tim Khoo-Jones, formerly head of talent at Block and Shopify.
Founded in 2018, Kalepa serves carriers, MGAs, reinsurers and programme administrators worldwide. Its latest funding will support the expansion of its technology across the insurance value chain, with the company aiming to give insurers greater flexibility over how AI and human professionals divide underwriting responsibilities.
Kalepa co-founder and CEO Paul Monasterio said, “Insurance runs on the judgment of experienced professionals, and our Professional Grade AI is held to that same standard. 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. When insurers get that division of labor right, their people’s attention can go to the complex risks, close calls, and broker relationships that need it. This funding lets us bring Professional Grade AI to more of the work insurers do, so they have that choice across the entire value chain.”
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