Irys, an InsurTech company rebuilding insurance infrastructure from the ground up, has raised $12.5m in a seed round led by Markd, with participation from Deepwork Capital, Florida Opportunity Fund, Ansay & Associates, HICO Ventures, and JMG Capital.
The funding provides Irys with fresh capital to grow its engineering capacity, speed up implementation, and expand distribution partnerships across the US and Canada.
The firm plans to use the capital injection to scale its engineering and customer success teams, extend its partnerships, and introduce new AI-driven modules focused on accounting, analytics, and submission management in early 2026.
The round also highlights renewed investor confidence in insurance infrastructure, following Markd’s recent $500m fundraise to support transformative InsurTech ventures.
The raise comes amid a broader rebound in InsurTech investment, with global funding up 28% in the last quarter according to Gallagher Re. Investors are increasingly backing platforms that deliver real infrastructure change. Irys, with its decentralised backend, open APIs, and agentic AI framework, aims to become the operational backbone for modern insurance enterprises.
“For 15 years I ran agencies on tech that didn’t care if it was usable,” said Irys CEO Margeaux Giles. “The industry’s been trapped in contracts, broken platforms, and empty promises. It’s eroded the trust agents fight to build every day with their clients. Irys is how we fix that.”
“We’ve seen what simple automation can do,” Giles said. “If basic AI can double a service rep’s book from $200K to $500K — imagine what agentic AI can do for an organisation that can actually implement it.”
“The market has confirmed — insurance leaders are done stacking third-party tools just to work around outdated systems,” said Markd managing partner Parker Beauchamp. “Irys isn’t just a new AMS, it’s the whole backbone. It runs CRM, analytics, accounting, tasks, and document management, all in one place. It’s the infrastructure that works.”
“OpenAI and Google are rewriting what’s possible every six weeks,” Giles said. “Insurance can’t afford to be a generation behind. Irys is the bridge between their innovation and our industry.”
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